Global illegal economy making big bucks

It is all getting very heated up in the illegal economy worldwide as the cash generated from criminal activities is quickly laundered through the legal financial system. Where there is high risk, there is high return. Cross-border organised crimes have become big business. There is nothing pretty about the nasty game, and the situation today is far more complex than the glitz and sophistication depicted in movies. Reaching every corner of the globe, cross-border organised crimes are seemingly becoming complex with very elusive networks, transcending all linguistic, cultural, social and geographical borders. According to the estimates by the United Nations Office on Drug and Crime (UNODC), the phenomenon has generated a business of around $870 billion globally in CY09, which is claimed to be some1.5 percent of the global GDP. With that rate, crossing the one trillion-mark today would be no surprise. Illicit activities like drug, arms and human trafficking, migrant smuggling, counterfeit goods and money laundering are not new. After drug trafficking, counterfeit goods are the most prevalent form of transnational organised crime which largely represents Asias and Africas fake medicines business. Where organised crime is a threat to the global economy, it can also destabilise countries and result in corruption and violence within the region. Locally speaking, Pakistan serves as a transit predominantly for drug and human trafficking, and arms and migrant smuggling. This poses a critical threat to the border management and encourages contraband. With analysts warning about further undermining as a result of uncontrollable growth in transnational organised crimes, it is time to combat the evil which could otherwise dismantle the leftover economic, social, public and cultural developments. This is the theme of the latest UNODC awareness campaign: lets put them out of business, which signifies the social and financial harms of the cross-border organised crimes. Millions of people are losing their lives and wealth with every passing day. What is needed, also highlighted by the UNODC, is government, international and private level partnership and coordination accompanied by awareness and law enforcement to put an end to exploitation, extortion and illegal money making.