Cabinet Approves Amendments to Trade Act


Cabinet has approved an amendment to the Trade Act, which will allow for fines up to $2 million and a maximum of two years in prison, for persons found in possession of, or attempting to export stolen scrap metal.
Also, the fines for disclosure of confidential information under the Act, are to be updated to a maximum of one million dollars, said Minister of Industry, Investment and Commerce, Karl Samuda, at a press briefing held recently at his office in New Kingston.
Mr. Samuda had proposed in July that persons found in possession of, or attempting to export stolen scrap metal, should be fined $2 million, up from the existing $3,000.
He said that the increase in the fine will act as a deterrent to persons planning to break the law. “It is that level of punitive measure that is going to be introduced into the mix, that we hope will be a serious deterrent to anyone thinking of trying to break the law,” Mr. Samuda stated.
The proposed amendments to the Trade Act will be taken to the Houses of Parliament for approval.
Meanwhile, Mr. Samuda said that the Ministry will be making recommendations to Cabinet for the enactment of appropriate legislation to deal with credit card scams.
“We will be doing that as a matter of urgency because at the moment, laws that would protect the investors are not adequate and amendments will have to be made in order to give that level of protection,” Mr. Samuda said.

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