UK’s search for trade with developing countries raises TBML alarm



Jacob Atkins | Global Trade Review

The UK’s courtship of trade with developing countries after Brexit risks exacerbating the country’s exposure to trade-based money laundering (TBML), according to new research.

As part of the country’s trade strategy after departing the EU, the UK’s Department for International Trade (DIT) announced plans earlier this month for a Developing Countries Trading Scheme (DCTS), which would cut tariffs or simplify rules of origin requirements for up to 70 countries.

The government said the system will be a more effective version of the EU’s Generalised Scheme of Preferences, which the UK has rolled over since Brexit.

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