Starting Tomorrow, Hoarding Hand Sanitizers and Masks Will Result in Up to 2 Years Imprisonment

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] From the 5th, those who hoard masks and hand sanitizers will face up to 2 years in prison or a fine of up to 50 million won.

According to the Ministry of Economy and Finance on the 4th, the revised notice prohibiting the hoarding of medical supplies such as masks and hand sanitizers is expected to pass the Regulatory Reform Committee's regulatory review in the afternoon. Once the revision passes the committee, the Ministry of Economy and Finance will immediately publish it in the official gazette, and it will take effect from 0:00 on the 5th.

According to the Act on Price Stabilization and related enforcement decrees, the Minister of Economy and Finance may designate specific business sectors and issue a notice prohibiting hoarding activities if there is a concern that price stability may be harmed.

Meanwhile, the government plans to strongly respond to unfair practices such as hoarding, price increases due to collusion, excessive profits, tax evasion, and export activities violating the notice prohibiting smuggling and hoarding.

This content was produced with the assistance of AI translation services.