Gun Trafficking Prevention Act of 2012 - Amends the federal criminal code to impose a fine and/or 20-year prison term on any person who: (1) knowingly provides or receives from another person two or more firearms if such person knows or has reasonable cause to believe that such transfer would violate a federal, state, or local law punishable by a prison term of more than one year (i.e., a felony); (2) makes materially false statements to a licensed firearm importer, dealer, or manufacturer relating to the purchase, receipt, or acquisition of two or more firearms; or (3) directs, promotes, or facilitates such illegal activity.
Increases penalties on licensed firearms importers, dealers, or manufacturers who knowingly violate firearms restrictions under the federal criminal code, including recordkeeping requirements. Expands the authority of the Attorney General to revoke or suspend the license of a firearms dealer for failure to have secure gun storage or safety devices, for transporting armor piercing ammunition, or for violating other federal prohibitions on gun trafficking. Requires the Attorney General to identify licensed firearms dealers who have a heightened risk of firearms being diverted to criminal use.
Requires the Comptroller General to study and report to Congress on firearms that are lost or stolen during commercial shipping.
Authorizes the Director of the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) to hire additional personnel to enable inspections of gun dealers on a three-year cycle and requires the Director to hire additional investigators and special agents to address trafficking in firearms.