ViDiTrust has supported and contributed to a newly released white paper issued by the Coalition Against Illicit Trade (CAIT) on The role of new technologies in combatting counterfeiting and illicit trade. The white paper advocates specific frameworks and technological solutions to ensure the integrity of the supply chain, as well as effective tracking and tracing of goods and products.
ViDiTrust is a founding member of the Coalition Against Illicit Trade (CAIT), a business alliance dedicated to protecting brand-owners by fighting the trade of counterfeit and contraband goods. The coalition operates as a knowledge-sharing forum for those developing innovative ways to tackle this global crime and aims to foster enhanced co-operation among stakeholders, share best practice, and discuss practical solutions to the problem of illicit trade.
The white paper highlights the different solutions available to tackle illicit trade and presents a set of principles that would enable brands and policy makers to formalise what can be determined as industry most advanced practices. The white paper highlights how digitalisation has become the key driving force behind solution innovation and the ability to fight ever more sophisticated criminals.
Reflecting the broad interests of its members, the paper is product agnostic, with the solutions applicable to the wide range of industries affected, including: pharmaceuticals, automotive parts, luxury goods, alcohol, tobacco, chemicals, cosmetics, toys, gemstones, watches and clothing, to name just a few. As well as damaging the revenues of brand owners, illicit trade funds serious organised crime and costs governments around the world untold billions in lost revenues – funds that could be used to build schools, provide healthcare, and cut taxes.
In Europe alone, counterfeited and pirated goods are estimated to cost governments in excess of €85bn in lost revenue.[:]