The Singapore-style tax-free zones favoured by Boris Johnson have been identified as a money-laundering threat by Brussels. Free ports are “the new emerging threat”, said the European justice commissioner, Věra Jourová. He has yet to spell out details on the pledge, including the size and location of the free ports. Britain operated several free ports as recently as 2012, when the government stopped renewing their licences. Within the EU, there are currently 82 free ports or zones in 21 EU member states, including historic free ports such as Copenhagen and Bremen.

Source: The Guardian July 24, 2019 11:06 UTC