PSC pushes for national Task Force & stronger penalties to tackle illicit trade 

The Private Sector Commission (PSC), in collaboration with key government agencies and members of the business community, recently hosted a high-level Round Table on Illicit Trade at the Marriott Hotel to address the growing threat of illicit trade and strengthen national coordination in response.

The session brought together stakeholders from major Fast-Moving Consumer Goods (FMCG), manufacturing, and distribution companies, as well as representatives from enforcement and regulatory bodies, including the Guyana Revenue Authority (GRA), Customs Anti-Narcotic Unit (CANU), Financial Intelligence Unit (FIU), Guyana National Bureau of Standards (GNBS), and the Ministry of Home Affairs (MOHA).

The PSC presented the work of its Illicit Trade Desk, which was launched in 2023 as a central private sector mechanism to identify trade-related threats such as smuggling and counterfeiting, while promoting stakeholder collaboration, public awareness, and improved monitoring of enforcement efforts.

The discussions highlighted the significant economic and social impacts of illicit trade. One stakeholder reported a 25% market loss due to illegal tobacco products, while others noted that up to 80% of premium products within certain sectors are being smuggled into the local market.

Stakeholders called for stronger penalties, greater accountability, and enhanced collaboration among agencies. They also emphasised the need for data sharing and the implementation of consumer-facing tools such as barcode verification systems through the GRA to support compliance.

The PSC reaffirmed its commitment to tackling illicit trade and announced plans to engage the Government of Guyana on establishing a National Illicit Trade Task Force.

This proposed body will be responsible for developing coordinated strategies, legislative frameworks, and enforcement actions to combat the wide-ranging effects of illicit trade on the country’s economy and public well-being.

The Commission will also facilitate a series of follow-up actions, including technical workshops, stakeholder training sessions, and the establishment of working groups to strengthen national capacity and foster sustained collaboration across sectors.