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Colombia Adopts New Customs Statute

Colombia has adopted a new customs statute that will ostensibly facilitate import and export operations and reduce overall processing times. The new statute includes a risk management system that will identify and focus oversight efforts on high-risk transactions and trade operators while providing expedited treatment to low-risk transactions and trade operators. The system will also help identify trusted traders and reduce overall costs. The statute also includes new provisions in such areas as movement of cargo, advance declarations, electronic payment, streamlined customs clearance, non-intrusive inspection, customs guarantees and penalties.

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