Arab Today, arab today fight against global illicit economy turns dark as size and growth remain unknown
Last Updated : GMT 02:00:43
Arab Today, arab today
Arab Today, arab today

Fight against global illicit economy turns dark as size and growth remain unknown

Arab Today, arab today

Arab Today, arab today Fight against global illicit economy turns dark as size and growth remain unknown

World Economic Forum
Abu Dhabi - WAM

The illicit economy is a giant, global and growing problem, a new paper by the World Economic Forum Meta-Council on the Illicit Economy shows. But as the widely varying estimates of its cost show, the illicit economy needs to be measured before it can be combatted, according to a new paper by the World Economic Forum Global Agenda Council on the Illicit Economy.

"You need to know your adversary in order to beat it, and sadly there is lack of clarity around the threat of the illicit economy," said Jean-Luc Vez, Head of Public Security Policy and Security Affairs, World Economic Forum, at the Summit on the Global Agenda 2015 taking place in Abu Dhabi this week. "Measuring the illicit economy in a more coordinated and synchronised way thus is the first step global governments and business should take."

The value of the illicit economy is estimated to be upwards of US$1 trillion. Estimates on counterfeiting, one of its largest components, vary from $250 billion (similar to Ireland’s GDP) to $1.77 trillion (similar to Canada’s GDP). Compounding this variability is the fact that almost all estimates are out of date, most often by five or six years but sometimes by more than a decade.

The document says that criminal organisations have exploited the gaps in our governance capacity and policy in addressing the illicit economy. Often more sophisticated and technologically advanced, they are winning the technological arms race against governments in many economies, especially in the developing world.

"The proliferation of illicit activities shows no signs of slowing. It grows particularly in regions where there is lack of governance and social structure. Hence, in an era where several regions in the world are vulnerable and politically unstable, efforts to address these underlying issues must be made," said Adam Blackwell, Chair of the Meta-Council on the Illicit Economy.

The Meta-Council has identified several key areas where all sectors can play a role in curtailing the damage of the illicit economy, to develop a common or harmonised database of knowledge and information exchange, for businesses to employ technologies that allow an appropriate level of information to be shared with the public and law enforcement agencies, better coordination across organisations in joint operational initiatives, and aligning fragmented governance with new concepts around the role of business and individuals In addition, the Meta-Council notes in its paper that technology has been effective in fighting crime in a number of areas. Big data has been used, for example, to uncover sex traffickers in the United States. Combined with satellite imaging, this has had an impact on curbing illegal deforestation. Satellites are also used to tackle illegal fishing while drones have been employed in the war against poaching. DNA could soon be brought to bear in this fight, too, with forensic laboratories able to link stolen ivory to specific animals.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fight against global illicit economy turns dark as size and growth remain unknown Arab Today, arab today fight against global illicit economy turns dark as size and growth remain unknown

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today 17.4m tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4m tourists visit UAE in 2016
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday