Singapore takes trade compliance seriously, will take firm action against businesses that break laws: MTI
The United States flagged Singapore among more than 40 countries at risk of being used to circumvent tariffs on Chinese goods.
Singapore takes trade compliance seriously and will impose firm action against businesses that violate its laws, stated the Ministry of Trade and Industry (MTI) on Saturday. This comes after the United States flagged Singapore among nearly 40 nations at risk of being exploited to avoid tariffs on Chinese goods. The MTI spokesperson emphasized Singapore's strong rule of law, transparent regulations, and zero tolerance for fraud, corruption, and criminal activities.
As a trusted international business hub, Singapore remains committed to upholding its reputation and safeguarding its business environment. The US identified multiple countries, including Singapore, as potential risks for aiding Chinese tariff evasion through illegal transshipment. Singapore has warned that it will not tolerate businesses using its association to fraudulently circumvent or violate foreign laws.
The ministry also highlighted that companies transhipping goods through Singapore must comply with local laws and regulations. A recent case involved a Singapore-registered company and three individuals charged for falsely declaring the origin of goods to avoid US import duties.
Written by urgent.news from CNA - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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