The Business Times
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Lost revenues, organised crime and health risks

Why illicit trade is one of Asean’s biggest threats

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    • Counterfeit watches being prepared to be destroyed in Bangkok, Thailand, Aug 31, 2023. Buyers need to understand the implications of these fake goods – such as the use of toxic ingredients or child labour, for example.
    • Counterfeit watches being prepared to be destroyed in Bangkok, Thailand, Aug 31, 2023. Buyers need to understand the implications of these fake goods – such as the use of toxic ingredients or child labour, for example. PHOTO: EPA-EFE

    Chris Humphrey

    Published Tue, Sep 5, 2023 · 05:00 AM

    THE busts are getting bigger and the goods more diverse.

    In March 2023, Singapore authorities seized nearly 85,000 illegal e-vaporisers in what was a record haul. Across the Causeway, Malaysian police raided a laboratory suspected of producing counterfeit medicines in May. The same month also saw fake gold and herbal products worth nearly US$400,000 being confiscated up north in Thailand.

    All across South-east Asia, 2023 is proving to be a busy year for authorities, with illicit trade showing no sign of abating. It is estimated that the region’s counterfeit market is now worth a mammoth US$35 billion annually – bigger than the gross domestic product (GDP) of Cambodia itself. It is expected to only get worse.

    Asean

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