The government of Nova Scotia is putting an end to underwater treasure hunting. It is going to repeal the Treasure Trove Act put in place since 1954. In that law, treasure hunters must receive a license to salvage any shipwreck. The law allowed the treasure hunters to keep roughly 90% of what they find, returning 10% of non-precious artifacts back to the province.
Under the new rules being put into place, divers will still be allowed to visit the shipwrecks but only on a archeological or historical purposes. Anything that divers find, is property of the state.
Diving for treasure once the law is repealed could result in a $10,000 fine for individuals and a $100,000 fined for companies.