Illicit trade responsible for billions in losses annually by Private Sector - Chairman

Illicit trade responsible for billions in losses annually by Private Sector – Chairman

Sep 26, 2024 News

Kaieteur News – Chairman of the Private Sector Commission (PSC) Komal Singh has noted the billions of dollars in revenue that businesses in Guyana suffer annually as a result of illicit trade. Singh was at the time speaking at a conference organised by the PSC on illegal trade on Wednesday.

The conference held at the Marriot Hotel in Kingston brought together key stakeholders to address critical aspects of illicit trade, with a particular focus on global perspectives on illicit trade challenges and strengthening public-private partnerships to combat illegal activities.

Speaking to stakeholders at the conference, the PSC Chairman noted that smugglers have illegitimately captured between 25 – 50 percent of the market share with goods sold below market value. He noted that these illegal traders have been making difficult for small medium and large scale businesses in Guyana to thrive. “Currently Guyana is losing billions of dollars in revenue…if we don’t find means to harness and put measures in place to stop that smuggling within the shortest possible time, we can see those numbers continue to rise and it can have a more negative impact on the business community” Mr. Singh said.

As such, the PSC Chairman said that the private sector group has taken the first step by establishing a trade desk to partner with the enforcement arm of the Guyana Revenue Authority (GRA) to help intercept persons involved in smuggling.

He noted that the Private Sector stands ready to work to develop means and measures to help curb smuggling to make sure that our treasury and businesses are in a position where there is a level playing field and there can be a very competitive environment.

Since establishing the desk, the Private Sector Commission through its Trade and Investment Sub Committee met with Guyana Revenue Authority’s Comptroller, Rohan Beekhoo to discuss concerns and share queries related to the work of the Customs Department.

Last week, Chairman of the Sub Committee, Clinton Urling informed the team of the recently established Illicit Trade Desk, intends to complement the efforts of the government in tackling illicit trade, through raising awareness and channeling reports of incidences of illicit trade.

In his remarks, Director of the Financial Intelligence Unit (FIU) Mathew Langevine noted that the need for cooperation between stakeholders in the private sector and law enforcement to eliminate illegal trade.

“Everyone has to be full on board and so the FIU and other stakeholders within the AML/CFT framework look forward for greater participation and collaboration when it comes on board by the private sector,” Langevine stated.

Meanwhile, in his remarks, Minister of Home Affairs Robeson Benn, noted that the outcomes of this seminar are expected to contribute significantly to Guyana’s ongoing efforts to safeguard its economy, protect legitimate businesses, and ensure the safety and well-being of its citizens. He noted the need for more collaboration and more people are willing to come forward with information about the perpetrators of smuggling. “We can make a difference, it requires more will, more participation, more consultations, more identification of places and the hotpots and characters involved,” Benn stated.

annually, billions, Illicit trade, losses, Private Sector Commission

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Illicit trade responsible for billions in losses annually by Private Sector – Chairman

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