Section 16: Penalties

(1) A person who commits an offence under section 15 of this Act is liable on conviction, subject to subsection (4) of this section, in the case of an offence-
(a) under subsection (1) (a), (b) or (c) of that section, to imprisonment for a term not exceeding five years without an option of a fine;
(b) under subsection (1) (d) or (e) of that section, to imprisonment for a term not exceeding three years without an option of a fine;
(c) under subsection (2) of that section, to imprisonment for a term not exceeding three years without an option of a fine;
(d) under subsection (4) of that section, to imprisonment for a term not exceeding three years without an option of a fine.
[1995 No. 18.]
(2) The Court shall order the refund of the value equal to the amount involved in the offence or of such other value as the Court may deem fair and just in the circumstance or the confiscation of the property, movable or immovable of a person convicted of an offence under this Act.
[1999 No. 11.]
(3) A person convicted of an offence under this Act may voluntarily surrender property, movable or immovable, of the value equal to the amount involved in the offence or such other value as he may decide.
(4) A property confiscated or surrendered under this section shall be forfeited-
(a) to the bank that suffered the loss; or
(b) in the case of a failed bank, to the Receiver or Liquidator for the benefit of that bank; or
(c) to such other person who, in the opinion of the Court, deserves to be compensated for loss suffered.
(5) Where, by reason of the confiscation or voluntary surrender of property, under this section, there is full or substantial recovery of the amount involved in the offence, the Court may, if it deems it equitable, reduce or decline to impose the penalty specified in subsection (1) of this section or in any other enactment.
[1995 No. 18.]