A person who is guilty of an offence under this Part is liable, on conviction--
(a) in the case of a corporation--to a penalty not exceeding $2,000,000 and, in the case of a continuing offence, to a further penalty not exceeding $240,000 for each day the offence continues, or
(b) in the case of an individual--to a penalty not exceeding $500,000 and, in the case of a continuing offence, to a further penalty not exceeding $120,000 for each day the offence continues.