Illegal use of foreign currency to be subject to 14-years prison term

www.vheadline.com Posted: Thursday, March 06, 2003 By: Robert Rudnicki

The government has prepared a draft bill that will soon be put in front of the National Assembly for discussion that will impose a maximum jail term of 14 years on anyone found to be using foreign currency that was legally purchased for purposes other than those permitted by the legislation.

According to the bill, anyone caught purchasing foreign currency on the black market will also face 10-14 years in jail, and fines of 5-10 times the amount purchased.

The government hopes this will deter people from breaking the law and that the measure, if approved, will allow it to protect the most vulnerable sectors of the economy as well as international reserves."

Anyone discovered to be using foreign currency for purposes other than those permitted will face fines of 1-2 times the amount and jail terms of 4-10 years, while those buying dollars legally, but under false pretences, will be subject to 5-10 years in prison and fines of 3-5 times the amount of the transaction.