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Free Economic Zone
Free economic zones (FEZ), free economic territories (FETs) or free zones (FZ) are a class of special economic zone (SEZ) designated by the trade and commerce administrations of various countries. The term is used to designate areas in which companies are taxed very lightly or not at all to encourage economic activity. The taxation rules and duties are determined by each country. The World Trade Organization (WTO) Agreement on Subsidies and Countervailing Measures (SCM) has content on the conditions and benefits of free zones. Some special economic zones are called free ports. Sometimes they have historically been endowed with favorable customs regulations, such as the free port of Trieste. As the United Kingdom was proposing the creation of ten free ports after leaving the European Union in early 2020, the EU was clamping down on 82 free zones after finding that their special status had aided the financing of terrorism, money laundering and organised crime. Definition The de ...
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Freeport (other)
Freeport, a variant of free port, may refer to: Places United States *Freeport, California *Freeport, Florida *Freeport, Illinois *Freeport, Indiana *Freeport, Iowa *Freeport, Kansas *Freeport, Maine, a New England town ** Freeport (CDP), Maine, the main village in the town *Freeport, Michigan * Freeport, Minnesota *Freeport, New York *Freeport, Ohio *Freeport, Pennsylvania *Freeport, Texas *Freeport, West Virginia Elsewhere *Freeport, Bahamas *Freeport, Nova Scotia, Canada *Freeport Tortuga, Haiti *Freeport, Trinidad and Tobago Railway stations *Freeport (LIRR station), a Long Island Railroad Station in Freeport, New York, U.S.A. *Braintree Freeport railway station, a railway station in Braintree, Essex, England *Freeport station (Illinois), a proposed railway station in Freeport, Illinois, U.S.A. *Freeport station (Maine), an Amtrak station in Freeport, Maine, U.S.A. Arts, entertainment, and media * Freeport, name of several space stations in the video game ''Freelancer'' (2003) ...
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Treaty
A treaty is a formal, legally binding written agreement between actors in international law. It is usually made by and between sovereign states, but can include international organizations An international organization or international organisation (see spelling differences), also known as an intergovernmental organization or an international institution, is a stable set of norms and rules meant to govern the behavior of states a ..., individuals, business entities, and other legal persons. A treaty may also be known as an international agreement, protocol, covenant, convention, pact, or exchange of letters, among other terms. However, only documents that are legally binding on the parties are considered treaties under international law. Treaties vary on the basis of obligations (the extent to which states are bound to the rules), precision (the extent to which the rules are unambiguous), and delegation (the extent to which third parties have authority to interpret, apply ...
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Bonded Logistics Park
A bonded logistics park is a type of special economic zone. Trade arrangements are similar to that of a bonded warehouse but over a specific geographic area. Sometimes with international port capabilities. Goods may be stored, manipulated, or undergo manufacturing operations without payment of duty. China China’s bonded logistic parks have similar rules to free-trade zones (another specific type of special economic zone) except for export VAT refund. Export VAT refund is eligible for a Chinese company once their goods enter the park. Locations * Zhangjiagang Bonded Logistics Park, Jiangsu province * Yantian Port Bonded Logistics Park, Guangdong province See also * Entrepôt * Free economic zone * Free-trade zone * List of free economic zones In special economic zones business and trades laws differ from the rest of the country. The term, and a number of other terms, can have different specific meanings in different countries and publications. Often they have relaxe ...
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Money-laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime. In US law, money laundering is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as "taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property". In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Office ...
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