28-29 September 2023 | ITC Maurya, New Delhi
Smuggling and counterfeiting is a global problem that poses significant challenges to economic development, public health, and social stability. Illicit trade has complex and interrelated socio-economic dimensions that are influenced by various factors, including corruption, technological advancements, demand for cheap and counterfeit products, amongst others. The effects of trade in smuggled and counterfeit goods challenge the well-being of consumers, efficient businesses, and effective governance. Illicit trade is often referred to as the crime of the 21st century due to its far-reaching impact on economies worldwide, affecting both developed and emerging nations alike. Despite global efforts to combat it, illicit trade persists as a highly profitable venture for illicit market operators, resulting in significant losses for industries, governments, and society as a whole. Illicit trading activities can seriously hinder India’s goal of achieving a $5 trillion economy by impeding its growth potential.
Recognizing the interconnectedness of organized crime, illicit trade, terrorism, and their socio-economic implications is crucial. Effectively combating these issues necessitates international coordination and cooperation to foster transparency, accountability, and good governance worldwide. Organizations across the globe are actively collaborating to enhance cooperation in preventing, detecting, and prosecuting illegal financial flows.
