FREE TRADE ZONES AND FINANCIAL CRIME

On 5th November, RUSI published a Commentary and in the final instalment in a 4-part series of Commentaries by RUSI researchers and guest contributors on the challenges of combatting illicit trade and money laundering in free trade zones, it says that to safeguard free trade zones from criminal activities, national authorities and zone administrators must feel the pressure to do the right thing.  It says that there are 2 primary reasons why FTZ fall victim to criminal exploitation: weaknesses in governance and weaknesses in information-sharing procedures.  The article concludes by saying that there will always be a tension between crime prevention and competitiveness, but as this series has made clear, illicit trade and trade-based money laundering cannot be seen as the inevitable price of doing business.

https://rusi.org/commentary/free-trade-zones-and-financial-crime-faustian-bargain

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

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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