In a bid to boost economic growth, Bank Indonesia (BI), the country’s central bank, cut in October 2019 its benchmark interest rate for the fourth time in four months. At its monthly meeting on Oct. 24, 2019, BI announced that the seven-day reverse repo rate would be cut by 25 basis points to 5 percent. The decision marked the fourth consecutive time the rate has been slashed since July 2019, with the central bank reducing its benchmark by 100 basis points over the period. Th

Part 4 of a great series by RUSI that explores the links between Free Trade Zones and Illicit Trade - Something we cover extensively at GTDW China Trade Development Week, 16-18 June Shanghai Pudong led by architects of the WCO SAFE Guidelines. To safeguard free trade zones from criminal activities, national authorities and zone administrators must feel the pressure to do the right thing. This is the final instalment in a four-part series of Commentaries by RUSI researchers an

The OECD Council adopted the Recommendations on Countering Illicit Trade: Enhancing Transparency in #FreeTradeZones. #OECD RECOMMENDS that Members and non-Members having adhered to the Recommendation, promote transparency in order to deter the abuse of FTZ as conduits for illicit trade. OECD RECOMMENDS that Members and non-Members take measures to encourage FTZ to implement the Code of Conduct for Clean Free Trade Zones. Such measures include, but are not limited to the condu

‘Extraterritoriality’ of Free Zones: The Necessity for Enhanced Customs Involvement Recently published WCO Research Paper debunks some myths related to 'extraterritoriality' of Free Zones and #Customs controls. Kenji Omi points out sensitivities surrounding the management of Free Zones and the ways how they should be addressed so that they don't become loopholes used by criminals. VIEW PAPER #lawenforcement #moneylaundering #cooperation #illicittrafficking #illicitfinancialfl