From: Matters of State
The global illicit trade and financing market is worth hundreds of billions of dollars, with smugglers and financiers engaging in unorthodox illicit dealings with goods like cigarettes and medicine. Several global initiatives have tried to stem the growing trend of illicit trade and financing to protect legitimate businesses and customers. Listen as we analyze a few case studies of illicit trade and discuss international efforts to combat these practices.
What is Illicit Trade and Financing?
The Organisation for Economic Co-operation and Development (OECD) defines illicit trade as a practice that “involves goods & services that are deemed illegal as they threaten communities and society as a whole.” Illicit finance similarly is the practice of illegal financing that threatens communities and societies. A 2016 OECD report found that imports of counterfeit and pirated goods are worth nearly $500 billion every year.
