{"id":128463,"date":"2019-07-24T17:50:03","date_gmt":"2019-07-24T17:50:03","guid":{"rendered":"https:\/\/www.bnreport.com\/free-ports-are-money-laundering-threat-says-commission\/"},"modified":"2019-07-24T17:50:03","modified_gmt":"2019-07-24T17:50:03","slug":"free-ports-are-money-laundering-threat-says-commission","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/free-ports-are-money-laundering-threat-says-commission\/","title":{"rendered":"Free ports are money laundering threat, says Commission"},"content":{"rendered":"

The European Commission said today it is considering how to address the financial risks of free port zones, highlighting them as an emerging threat as the bloc tries to clamp down on money laundering.<\/p>\n

Incoming U.K. Prime Minister Boris Johnson has backed the creation of free ports \u2014 trading zones in which little or no tax is applied \u2014 to boost trade after Brexit. While Britain closed its last free ports in 2012, more than 80 exist across the EU<\/a>.<\/p>\n

Describing them as \u201cthe new emerging threat,\u201d European Justice Commissioner V\u011bra Jourov\u00e1 told reporters: \u201cThis is something we want to focus more on.\u201d<\/p>\n

A Commission report<\/a> on money laundering listed free ports alongside the football industry, golden passports schemes and virtual currencies as new areas of exposures.<\/p>\n

The trading zones facilitate movement of fake goods, as they \u201callow counterfeiters to land consignments, adapt or otherwise tamper with loads or associated paperwork, and then re-export products without customs intervention,\u201d the report warned.<\/p>\n

\u201cIn most EU free porRead More \u2013 Source<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The European Commission said today it is considering how to address the financial risks of free port..<\/p>\n","protected":false},"author":1,"featured_media":128464,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-128463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nFree ports are money laundering threat, says Commission - Business News Report<\/title>\n<meta name=\"description\" content=\"The European Commission said today it is considering how to address the financial risks of free port..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/free-ports-are-money-laundering-threat-says-commission\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Free ports are money laundering threat, says Commission - 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