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Finance Ministry to impose stiffer penalties on gold smuggling

  • November 29, 2017
  • , Nikkei , p. 5
  • JMH Translation

To deal with the rapid rise in the smuggling of gold for profit, the Finance Ministry will impose stiffer penalties under the Customs Law. The legal amendment will authorize a fine of up to five times the value of the smuggled gold. The aim is to deter gold smuggling by raising the fine to a level that will make smuggling unprofitable. The ministry is looking at implementing the new regulations from April 2018.

 

The current penalty for gold smuggling is a fine of up to 5 million yen or a prison term of up to five years. The maximum fine will be raised to 10 million yen, and if the value of gold smuggled exceeds 2 million yen, a fine of up to five times this amount can be imposed. (Abridged)

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