Tackling Illicit Trade in ASEANThe Association of Southeast Asian Nations (ASEAN) is facing a crisis like never before. COVID-19 has disrupted supply chains, plunged stock markets, and has taken the lives of thousands of people. Besides the macroeconomic shocks to the economy, the pandemic has also put a spotlight on Southeast Asia’s growing illicit trade industry.
In ASEAN, the rise of illicit trade has dealt significant blows to human lives and human rights, on top of causing monetary losses to governments and legitimate businesses. Moreover, the proceeds of illicit trade line the pockets of international organised crime, including terrorist organisations, and undermine governments’ ability to safeguard the health and safety of their citizens. TRACIT has joined with the EU-ASEAN Business Council (EU-ABC) to issue a report that sheds light on the growing problem of illicit trade in the Association of South East Asian Nations (ASEAN). The report, titled, “Tackling Illicit Trade in ASEAN”, comes at a time when illicit trade is gaining momentum in ASEAN and as officials prepare for the upcoming 14th ASEAN Ministerial Meeting on Transnational Crime (AMMTC). The paper investigates various forms of illicit trade in the region, the affected industry sectors and provides critical insight on how government and industry leaders can work together to introduce regulatory changes to confront this pressing issue. |
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