UK 'Free Ports' May Heighten Risk Of Economic Crime

Law360 (February 13, 2020, 3:42 PM EST) -- The expression "free port" has a faintly buccaneering ring to it. There is a significant perception that this may be congruent with what they actually do. It is to be recalled that a free port need be little more than a shed on an atoll.

To start at the beginning: Free ports are simply warehouses in free zones, meaning designated areas in which companies are taxed very lightly or not at all in order to encourage economic activity. Free ports came into existence merely to provide spaces to store merchandise in transit. They have since become popular for the storage of...

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