(1) A person who imports or exports any goods in contravention of any of the provisions of this Act or the conditions of any licence issued under the provisions of this Act commits an offence and—
(a) on summary conviction, is liable to imprisonment for a term not exceeding 3 months or to a fine not exceeding $500; or
(b) on conviction on indictment, is liable to imprisonment for a term not exceeding 2 years or to a fine not exceeding $2,500.
(2) A court convicting any person of an offence under this Act may, in addition to any other penalty it may impose, order the forfeiture of all or any part of the goods in respect of which the offence was committed and shall in every case order that the licence in whole or in part in respect of which the offence was committed shall not be granted or if it has already been granted shall be cancelled and may direct the Permanent Secretary to issue no further licence to such person in respect of the same type of goods for a period not exceeding 12 months.