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WCO Recommends Customs Regimes Take Closer Look at Invoicing Disparities
November 16, 2018 |International Sources

Customs regimes should make sure authority exists to allow for examinations for potential under- and over-invoiced transactions meant to evade customs duties or conceal profits, the World Customs Organization said in a report on illicit financial flows through misinvoicing. "The Report was endorsed by the WCO Council in June and subsequently presented to the G20 Development Working Group in July 2018, which had originally tasked the WCO with the composition of a report" during a 2016 summit, the WCO said in a Nov. 15 news release. In addition to duty evasion, misinvoicing can be used to "disguise capital flight as a form of trade payment" and "bring illicit proceeds into the domestic legal financial system," the WCO said.

Topics:Section 301 tariff exclusions, Entry Type 86 , Customs duty, Drawback, Manifest Confidentiality, Blockchain, World Trade Organization (WTO), Fighting Trade Cheats Act, Forced Labor
UK and EU Have Draft Brexit Agreement
November 13, 2018 by Mara Lee|International Sources

The United Kingdom has reached a draft agreement on how it can leave the European Union, according to a statement from Prime Minister Theresa May's office, reports said, and the British Cabinet will evaluate it on Nov. 14. May, who spoke Nov. 12 on "the new relationship we will forge with our European allies as we leave the European Union," said she was not compromising on what the Brexit voters asked. "Any deal must ensure we take back control of our laws, borders and money. It must secure the ability to strike new trade deals around the world," she said, according to a transcript of the speech at the Lord Mayor's Banquet in London.

27 Countries, Including US, Challenge EU Plans to Lower TRQs After Brexit
November 13, 2018 by Mara Lee|International Sources

The U.S., China, Brazil, Australia, Canada and others complained that the European Union's proposal to adjust its tariff rate quotas on agricultural and industrial goods after Brexit will reduce market access for their exporters. They talked about the problem at a World Trade Organization Council for Trade in Goods meeting Nov. 12, according to a Geneva trade official. The EU proposal affects 196 individual concessions covering more than 365 tariff lines, members asserted in a joint communication, which is not public.

Topics:World Trade Organization (WTO)