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English definition of “flag of convenience”

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flag of convenience

noun [C]
 
 
( plural flags of convenience)
COMMERCE, TRANSPORT the flag of a country that will register a ship (= list it as a ship of that country) that is owned by someone from another country: Even some landlocked countries offer flags of convenience in order to gain income. An increasing part of the world's merchant fleet is operating under a flag of convenience, chiefly for financial reasons involving lower taxes and less stringent regulations.
(Definition of flag of convenience from the Cambridge Business English Dictionary © Cambridge University Press)
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