South Africa Loses Billions Annually to Illicit Activities | Business Edge | 07/06/2023

Mon, 12 Jun 2023 03:06:42 +0000

South Africa’s economy is losing billions of rand each year as a result of extensive illicit activities such as unlawful mining, counterfeit goods trade, wildlife trafficking, pharmaceuticals, and illicit alcohol and tobacco. A recently released report from the Transnational Alliance to Combat Illicit Trade on “organized crime, corruption, and illicit trade” shows that illicit trade is one of the biggest threats to stability and economic growth in South Africa. The TRACIT report which was released in partnership with Business Unity South Africa, revealed that the country’s market for illicit alcohol was historically large, with the South Africa Revenue Service estimated to be losing out on R11 billion in excise tax revenue a year due to illicit alcohol trade.

ANCHOR
Tolulope Adeleru-Balogun

GUEST
Esteban Giudici, Director of Programmes at Transnational Alliance to Combat Illicit Trade, TRACIT

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