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UK Faces $2Bn EU Claim On China Imports Fraud

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UK Faces $2Bn EU Claim On China Imports Fraud

British officials said they would contest a claim by the European Union's antitrust watchdog that the country owed more than $2 billion after failing to charge enough customs on Chinese goods, The Wall Street Journal reports. The EU's anti-fraud office said British officials haven't taken sufficient steps to stop a "major pattern of customs fraud" between 2013 and 2016 in which Chinese imports of textiles and shoes were undervalued in customs declarations. The disagreement comes as Prime Minister Theresa May prepares to formally launch negotiations over the UK's divorce from the EU, expected some time before the end of the month. The agency, called OLAF, said there have been repeated warnings to the UK to tighten its customs efforts. Because of its inaction compared to other EU member states, the agency said, "the fraud hub in the UK has continued to grow."

Source: CER

By Pathay Singh on 03/15/17