Public Consultation on Proposed Free Trade Zones (Amendment) Bill20 Mar 2023
1. The Ministry of Finance is proposing legislative amendments to the Free Trade Zones (FTZ) Act 1966 to update and strengthen our FTZ regime. This will support Singapore’s position as a trusted global trade hub by enabling the better detection, deterrence and prevention of money laundering, associated predicate offences and terrorism financing; and ensuring the integrity of our financial system and protecting it against illegal activities and illicit fund flows.
2. The proposed amendments in the draft FTZ (Amendment) Bill seek to enable better oversight of goods flowing through our FTZs while still ensuring efficient movement of goods. The proposed changes include:
a. Introduction of a licensing regime for FTZ operators and cargo handlers, which will specify the responsibilities of the involved parties;
b. Requirements for FTZ operators, cargo handlers and shipping agents to collect and transmit relevant information to authorised persons, if necessary, to improve cargo visibility within the FTZ; and
c. Provisions to ensure confidentiality of data furnished.
3. Interested parties are invited to provide feedback on these amendments from 20 March to 9 April 2023.
Submission of feedback via email from 20 March to 9 April 2023
4. The public can access the public consultation documents, including the draft Free Trade Zones (Amendment) Bill, on the Ministry of Finance’s website (www.mof.gov.sg) and the REACH consultation portal (www.reach.gov.sg).
5. Interested parties can use the FormSG link (go.gov.sg/ftz-bill) in the REACH portal to submit their feedback on the draft Free Trade Zones (Amendment) Bill.
Ministry of Finance
20 March 2023