BETTER SCRUTINY OF FREE ZONES NEEDED TO STAMP OUT COUNTERFEITING

Thomson Reuters Zawya on 1st November published an article which says that each new free zone a country adds increases counterfeit exports by 5.9%, an OECD study has revealed.  More scrutiny and transparency of companies operating in free trade zones is required to combat the spread of counterfeit goods, the Economist’s Global Illicit Trade Summit in Abu Dhabi conference in Abu Dhabi has heard.  New guidance by and for the OECD is being developed following a pair of studies by the OECD – one in 2016 which put the global value of the counterfeit trade at $691 billion, and one in March 2018 which looked at the role of free zones worldwide in facilitating this.

https://www.zawya.com/mena/en/story/Better_scrutiny_of_free_zones_needed_to_stamp_out_counterfeiting-ZAWYA20181101032118/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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