The Singapore-style tax-free zones favoured by Boris Johnson have been identified as a money-laundering threat by Brussels.
In a report on money laundering, the European commission named free ports for the first time as a concept “potentially vulnerable to money laundering or terrorism financing” in the European single market. “Golden passport” schemes promoted by some EU countries, professional football and private ATM machines were also put on the commission’s watch list, which totals 47 goods and services.
Free ports are “the new emerging threat”, said the European justice commissioner, Věra Jourová. “This is something we want to focus more on.” » | Jennifer Rankin in Brussels | Wednesday, July 24, 2019
