Freeports: innovative trading hubs or centres for money laundering and tax evasion?
A new study from the University of Portsmouth calls for further government oversight to curb potential illegal activity through these zones.
This study demonstrates the attractive trading advantages offered by freeports to enable enterprise and innovation. Eight new freeports in England are due to enter operation in late 2021, which are hoped to drive investment, economic opportunities and growth to those regions.
However, researchers also advise that stronger regulation is needed to prevent Freeports being abused for money-laundering and tax-evasion purposes. The study, published today in the Journal of Money Laundering Control, raises justifiable concerns over the misuse of Freeports.