(1) If it appears to the Competent Authority that in a year of income a relevant entity has acted so as to avoid or seek to avoid its obligations under this Act, the Competent Authority may —
(a) disclose to a partner jurisdiction any information relating to that relevant entity in accordance with an international agreement;
(b) issue a notice to the relevant entity, the contents of which must include notification that the relevant entity is liable to pay a penalty not exceeding fifty thousand dollars to the Accountant General.
(2) A relevant entity that fraudulently avoids or seeks to avoid its obligations under this Act, commits an offence and is liable —
(a) on summary conviction to a fine not exceeding twenty-five thousand dollars or imprisonment for a term not exceeding two years or both;
(b) on conviction on indictment, to a fine not exceeding one hundred thousand dollars or imprisonment for a term not exceeding seven years, or both.