(MENAFN– Khaama Press)
FILE: Pakistani rupee – the official currency of Pakistan since 1948
Pakistan has a thriving illicit economy, involving illegal trade of drugs, foreign currency, consumer goods, and more, costing the country over $7 billion annually. This illicit economy is supported by collaboration between law enforcement, political elites, and criminal networks.
Counterfeiting and piracy are common in Pakistan, with the country being one of the top exporters of counterfeit products. Goods like cell phones, vehicles, cigarettes, tea, and more are often smuggled into Pakistan. The country also faces issues with tax evasion in sectors like tea, tobacco, medicines, and real estate.
Illegal car trading, smuggling of tyres, and gold smuggling are also prevalent in Pakistan, leading to significant revenue losses for the government. Despite efforts by authorities, illicit trade continues to thrive due to corruption and lack of enforcement.
Overall, Pakistan’s economy is heavily impacted by illicit trade practices, resulting in substantial losses for the country.
