It means: those who have had it should be punished through punishment; Killing should be used to deter those who commit crimes.
This sentence comes from Guan Zhong's essay Guan Zi Ban Fa, a strategist in the Spring and Autumn Period. Guan Zhong was also a strategist, politician, economist and reformer in ancient China.
His book, now called Guanzi, covers all kinds of academics, and is the source of many academic thoughts such as Taoism, Confucianism, famous artists, legalists, farmers, military strategists, yin and yang scholars and so on.
In Crime and Punishment, if you dare to put "sin" on the screen, you are more likely to get realistic "white".