Finance Minister Urges Global Cooperation To Combat Smuggling And Illicit Trade Networks

ENA Sectors 2023-10-31 13:23:25 New Delhi, Oct 31 (KNN) Finance Minister Nirmala Sitharaman on Monday emphasized the need for collaborative efforts among governments to exchange actionable information for the purpose of dismantling the orchestrators of smuggling and illegal trade networks. Speaking at the Global Conference on Cooperation in Enforcement Matters organised by the Directorate of Revenue Intelligence (DRI), She said, the focus of enforcement agencies should be to nab the brain behind illegal trade, which would in turn act as a deterrence for such unlawful activities that hurt the economy as well as citizens. The nature of smuggled or illegally traded goods has not changed over the last 50-60 years and it continues to be precious metals, narcotics, and precious reserves from forest or marine life, she said. The union minister added, I place a lot of emphasis on intergovernmental cooperation, along with WCO (World Customs Organisation), so that we are able to crack the brains behind it (smuggling), the masterminds behind it, with the help from local authorities and governments. She said deterrence of illicit trade will be strengthened if all confiscated goods are destroyed and not put into the market. It is also periodically our duty to restore confidence in the minds of citizens saying such activities will be punished, will be curbed, and will be deterred, the minister added. Technology should go hand in hand with information sharing. And when you share information, it should be actionable, the minister said. The sharing of information should also include innovative thoughts, on legislations which have empowered authorities and on procedures which have come in handy, she said. Central Board of Indirect Taxes and Customs (CBIC) chief Sanjay Kumar Agarwal said, as global trade continues to interconnect and economies flourish, there is a corresponding rise in the potential for unlawful movement of restricted items like antiques, cigarettes, gold and endangered wildlife species, amongst others. The undercurrent of illegal trade in narcotics remains strong. Global drug trafficking is estimated to be worth USD 650 billion, contributing 30 per cent of the overall illicit economy. It is having a devastating impact, he said, adding the crimes involving illicit trade many a time have possible linkages with money laundering and terror financing, which impacts national security. During the event, Sitharaman also launched the fourth phase of Operation Sesha by the DRI in association with WCOs Regional Intelligence Liaison Offices (RILO) Asia Pacific and Middle East. The operation was first launched in 2015 to curb the illicit trade of endangered timber. (KNN Bureau) 35335 https://knnindia.co.in/news/newsdetails/sectors/finance-minister-urges-global-cooperation-to-combat-smuggling-and-illicit-trade-networks 2023-10-31 13:23:25 knnindia.co.in Finance Minister Urges Global Cooperation To Combat Smuggling And Illicit Trade Networks