Regulatory Alerts2022-01-01
Destruction of Goods by ITZ Licensees
The Financial Services Authority (FSA) requires International Trade Zone licensees to obtain written approval from the Authority, specifying the type, quantity, and proposed place of destruction, before destroying any goods. A proper FSA officer must witness the destruction and issue a certificate detailing the goods, which licensees are obligated to retain as official records. The FSA will conduct ongoing regulatory checks and onsite inspections to verify compliance, with potential enforcement actions for non-compliant licensees.
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