Composition of offences
69.—(1)  The Executive Director or any officer authorised by him may, in his discretion, compound any offence under this Act which is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum not exceeding —
(a)one half of the amount of the maximum fine that is prescribed for the offence; or
(b)$5,000,
whichever is the lower.
(2)  On payment of such sum of money, no further proceedings shall be taken against that person in respect of the offence.