Minister of Industry, Investment and Commerce, Karl Samuda, who piloted the Bill, noted that it was necessary to increase the fines in light of the persistent non-compliance to the regulations in the scrap metal industry.

"In light of the persistent non-compliance evidenced in the scrap metal export industry, the opportunity is also taken to amend the penalty provisions of the Trade Scrap Metal Regulations 2007 to a more realistic level, in order to promote compliance," Samuda stated.

He said that, specifically, it seeks to amend Section 10 (1c) of the Trade Act to increase charges under the Trade Scrap Metal Regulations of 2007.

Amendments to the Trade Act will see the maximum monetary penalty moving from $3,000 to $3 million. Imprisonment for persons convicted of breaches of the scrap metal regulations has been increased from 12 months to two years. Persons who disclose confidential information will be fined $2 million, up from $200, and face two years imprisonment, up from three months.