Cracking Down on Illicit Trade: A Call for Unified Action

Justice Manmohan highlighted the severe global impact of illicit trade on socio-economic issues, innovation exploitation, and terrorism funding, during the MASCRADE event organized by FICCI CASCADE. He emphasized the need for unified efforts and a new approach to combat the challenges posed by counterfeit products and online piracy.

Justice Manmohan from the Supreme Court has pointed out the significant damage illicit trade inflicts on the economy, workforce, and criminal expansion. His remarks were delivered at the MASCRADE event by FICCI CASCADE, highlighting this as a pressing international concern.

Illicit trade, according to some estimates, generates $3 trillion annually, leading to job losses, hindrance to innovation, and providing financial support to criminal organizations. Justice Manmohan stressed the serious socio-economic and security threats posed by this issue, particularly in the digital age.

He emphasized the necessity for consolidated efforts to tackle the problem of counterfeit products and online piracy, which now occur beyond conventional jurisdictions. With proceeds often funding terrorism, Justice Manmohan stressed cooperation across sectors to change the existing strategy against illicit activities.

(With inputs from agencies.)