Rajah & Tann Regional Round-Up
your snapshot of key legal developments in Asia
 Issue 1 - Jan/Feb/Mar 2023
 

Consultation on Bill to Enhance Oversight of Goods Passing through Free Trade Zones

On 20 March 2023, the Ministry of Finance ("MOF") announced proposed legislative amendments to the Free Trade Zones Act 1966. The amendments will update and strengthen the free trade zone ("FTZ") regime and thereby support Singapore's position as a trusted global trade hub by:


  1. enabling the better detection, deterrence and prevention of money laundering, associated predicate offences and terrorism financing; and
  2. protecting Singapore's financial system against illegal activities and illicit fund flows.

The key changes proposed in the draft Free Trade Zones (Amendment) Bill ("Bill") include:


  1. the requirements for licensed FTZ operators, licensed FTZ cargo handlers, shipping agents and air cargo agents; and
  2. the regulatory and enforcement regime.

MOF was seeking comments on the draft Bill and released the draft Bill only for the purpose of the public consultation. The draft Bill does not represent the final legislation. The public consultation ended on 9 April 2023. MOF will publish the consultation response on its website in April 2023.


For more information, click here to read our Legal Update which provides a summary of the key changes proposed in the draft Bill.



Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.

 

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Francis Xavier, SC, PBM
Partner
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francis.xavier@rajahtann.com

Chia Kim Huat
Partner
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kim.huat.chia@rajahtann.com

Howard Cheam
Partner
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howard.cheam@rajahtann.com

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