Neil Parekh Nimil Rajnikant on Free Trade Zones (Amendment) Bill
It is timely to update legislation on Singapore’s free trade zones (FTZs) as these zones are increasingly vulnerable to trade-based money laundering, according to the global watchdog the Financial Action Task Force. This is done by misrepresenting the price, quantity or quality of imports and exports, phantom shipments and falsification of invoices. NMP Neil Parekh Nimil Rajnikant made the point in Parliament on Wednesday (Oct 4). He said a new Bill will create security measures to ensure that goods passing through Singapore undergo very stringent checks enforced by FTZ authorities. Delegating responsibility to licensed FTZ operators and cargo handlers is also more efficient and reflects current industry practices globally. Meanwhile, clear definitions of criminal offences will allow the law and increased penalties to be better enforced. Mr Parekh asked about plans to help SMEs implement the changes and take full advantage of the benefits, especially those looking to expand internationally.
It is timely to update legislation on Singapore’s free trade zones (FTZs) as these zones are increasingly vulnerable to trade-based money laundering, according to the global watchdog the Financial Action Task Force. This is done by misrepresenting the price, quantity or quality of imports and exports, phantom shipments and falsification of invoices. NMP Neil Parekh Nimil Rajnikant made the point in Parliament on Wednesday (Oct 4). He said a new Bill will create security measures to ensure that goods passing through Singapore undergo very stringent checks enforced by FTZ authorities. Delegating responsibility to licensed FTZ operators and cargo handlers is also more efficient and reflects current industry practices globally. Meanwhile, clear definitions of criminal offences will allow the law and increased penalties to be better enforced. Mr Parekh asked about plans to help SMEs implement the changes and take full advantage of the benefits, especially those looking to expand internationally.
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