The amendments seek to enhance regulation and control of goods that flow through the FTZs. Read more at straitstimes.com.
SINGAPORE - The Republic is making amendments to the Free Trade Zones Act to enhance regulation and control of goods that flow through the 10 free-trade zones in the country.
He added that perpetrators try to mask such illegal activities as legitimate trade. Examples include providing false or inaccurate information on a cargo shipment or by swopping legitimate goods with contraband before re-exporting. Mr Chee replied that criminals will always find new ways to circumvent the rules. To keep pace with evolving threats and the increasing sophistication of these criminals, Singapore has to “remain vigilant and strengthen its regulatory framework to detect and deter illicit trade”.
They will also need to provide data on all goods passing through Singapore. Currently, only information on imported, exported or controlled goods is required. Mr Chee addressed MPs’ concerns about the impact of the revised regulations on business costs, operational efficiency and Singapore’s overall competitiveness as a trading hub.
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