The ^* penalty amount under a ^* pecuniary penalty order against a person is reduced by an amount equal to the value, as at the time of the making of the order, of any property that is ^* proceeds of the offence to which the order relates if:

(a)

the property has been forfeited, under this Act or another law of the Commonwealth or under a law of a ^* non-governing Territory, in relation to the offence to which the order relates; or

(b)

an application has been made for a ^* forfeiture order that would cover the property.