BALANCING FACILITATION AND CONTROL TO COMBAT ILLICIT TRADE IN FREE TRADE ZONES

The International Chamber of Commerce has published a 2020 update of its 2013 report, saying that Free Trade Zones (FTZ) provide significant opportunities for legitimate business and play a critical role in global trade as well as economic growth for the host nation.  However, updated research by the ICC has continued to confirm that insufficient oversight remains a major enabler of illicit activities.  It also says that the Covid-19 pandemic has increased vulnerability for abuses by criminal actors who take advantage of supply chain shortages and increased demands as well as relaxed oversight often because of such things as quarantines that have softened Customs control.  The 2020 report promotes a set of specific policy and legislative recommendations on how to preserve and expand the benefits of FTZ for legitimate traders and protect the public and honest businesses from predatory practices. These recommendations are based on a review of the international and national legal frameworks governing FTZ, including how they are implemented and enforced.

https://iccwbo.org/content/uploads/sites/3/2020/12/2020-bascap-report.pdf

If you would like to make a (polite) gesture and make a (very) modest contribution to my ongoing with my relocation, removal and computer costs, I have a page 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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s