Government to Implement Stricter Regulations
Government officials have announced plans to impose tougher regulations to combat gold smuggling in light of recent US sanctions. These measures will include increased fines and the possibility of asset forfeiture for those involved in smuggling activities.
“So we may want to take what we do at Customs now and introduce it here for the evasion of gold, not just pay the forgone [earnings] but you also have to pay a huge penalty which is in multiples of the evading taxes. So, if you get caught there is a big risk, first of all you get charged under an Act that has severe penalties…” Vice President Bharrat Jagdeo emphasized during a press conference at the Office of the President.
Additional Insight on Deterrents
In addition to facing severe penalties and fines, individuals involved in gold smuggling may also risk forfeiting their assets. This further underscores the government’s determination to crack down on illegal activities within the gold industry.
