In modern Japan, 'alchemy' is used only metaphorically — when politicians and religious figures with no moral sense or shame make money through dirty means.
Literal
Modern [attributive-の] Japan [at-で] alchemy [when-it-comes-to-といえば], metaphorically [only-しか] not-used. Morality [or-や] shame [with-と] unrelated [attributive-な] politicians [or-や] religious-figures [subject-が], dishonest [attributive-な] means [with-で] money-making [object-を] do [time-とき-に].
Cynical editorial. 錬金術 ('alchemy') is the word for both historical alchemy and, in modern Japanese, a metaphor for 'schemes to make money from nothing.' ~しか~ない ('only X'). モラルや羞恥心と無縁の ('unrelated to morals or shame') uses 無縁 ('unrelated, unconnected') with と for the things one is unrelated to. 政治屋 (political-shop, 'politicking hack') carries negative nuance vs. 政治家 (legitimate politician). Two sentences stylistically joined — the second continues from the first.