(1) Despite any other provisions of this Act, the Director may compound any offence under this Act, by accepting from the person reasonably suspected of having committed such offences, a fine not exceeding $5,000.
(2) On the payment of any sum of money under subsection (1)—
(a) the person reasonably suspected of having committed the offence in respect of which the payment has been made shall, if in custody, be discharged;
(b) any ship detained in respect of such offence shall be released; and
(c) no further proceedings shall be taken against such person or ship in respect of such offence.