TRACIT, the Transnational Alliance to Combat Illicit Trade has taken part in a panel discussion on illicit trade, hosted by the Financial Times.
Held in London, the FT Conference on Combating Illicit Trade Conference – in partnership with PMI IMPACT – brought together business executives, thought leaders and senior policy makers to discuss the core opportunities and challenges for multisector action to fight illicit trade.
The World Economic Forum estimates financial losses across 11 industry sectors at U.S.$1.2-2 trillion annually.
“Illicit trade has grown well beyond the capabilities of individual governments and individual companies, and now demands a sustained, coordinated response,” said TRACIT Director-General Jeffrey Hardy.
“Business has an important role to help shape the political and regulatory response to illicit trade and through TRACIT, we’re bringing business to the table and driving habits of cooperation between business, national governments and intergovernmental organizations.”
Hardy participated in the panel Best Practices in Building and Monitoring Responsible Supply Chains, which was organized to identify how illicit traders exploit vulnerabilities in the global supply chain.
“Exploitation of the legitimate supply chain by illicit traders means extra costs to business in terms of increased compliance, security, monitoring and insurance costs,” added Hardy. “In addition, the massive increase in illicit trade through online purchases and small parcel deliveries puts a severe strain on law enforcement agencies tasked with controlling shipments of illicitly traded goods.”