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Japan-Update

Japan minting heftier fines on gold smuggling

Customs busts hit record levels amid higher sales tax

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An 8% consumption tax is levied on gold brought into Japan.   © Reuters

TOKYO -- Japan is moving to stiffen the penalty for gold smuggling above its current maximum of 10 million yen ($91,000) amid an upsurge in the illicit practice suspected of being a funding source for criminal activities.

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