Wednesday 19 June 2019

Abu Dhabi summit to address $3trn illicit trade

ABU DHABI, September 26, 2018

The 'shadow' economy – from counterfeit goods to illicit financial flows, to human trafficking and drugs – which is estimated to reach over $3 trillion will be addressed at the upcoming Global Illicit Trade Summit in Abu Dhabi, UAE.

The Economist Events will host the third edition of the summit at the Etihad Towers.

Newer technologies, crypto-currency, taxation, legal loopholes, rise of freezones, eCommerce and regional socio-economic instability have opened new opportunities for counterfeit, terrorism, Intellectual Property crimes and other illicit trade.

The event offers a platform to facilitate dialogue between the private and public sector/ policy makers to forge an international response against illegal activities and protect society, consumers and the economy.

"Ranked 34 out of 84 nations worldwide, UAE is a paradigm of governance showing they will not tolerate illicit activities," said Christopher Clague, managing editor, Asia and global editorial lead, trade and globalization, The Economist Intelligence Unit.

"Criminals have been quick to take advantage of ever changing market condition and loopholes. Therefore, a conversation and cooperation between the private and public sector is imperative. The event brings a diverse group of people from different industries who will share best practices and thought leadership on how to tackle a multi-faceted global problem," Clague added.

The Summit will feature a range of panel discussions, candid interviews and presentation from prominent influential leaders and experts.

"Wherever there are big price differences between markets, which are mostly driven by taxation, illegal trade takes place," said Brendan LeMoult, Anti-illicit trade and fiscal affairs Vice-president, JTI.

"Regulators, law enforcement experts and the private sector need to work together on the issue. Our joint efforts with law enforcement agencies across the world have proven to be successful. Over the last nine months, over 2 billion illegal cigarettes worldwide were seized thanks to the information we shared,” he added. – TradeArabia News Service

Tags: Illicit trade |

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