Recent statistics show that intellectual property crimes have generated a staggering $43 billion in revenue in the EU alone. While it may seem harmless to purchase a counterfeit product, the truth is far more sinister. Money earned from such sales are often used to fund other criminal activities, including drug trafficking.

The counterfeiters evade taxes, divert funds to the black market, and rob the formal economy of job opportunities. They engage in hazardous and unregulated employment, operating in unsanitary venues and underground factories that produce equally unsafe and unregulated goods, posing serious risks to consumer health and safety.

In light of the alarming statistics, the fight against counterfeiting has intensified with the UAE implementing stricter legislation and punishment to crack down on counterfeit items.

Intellectual Property Crime not only harm brands and businesses but also jeopardize consumer health and safety while providing criminal gangs with additional funds for illicit activities.

Counterfeit car parts, for instance, may undergo alterations to be sold at lower prices, posing serious safety risks to consumers.

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Oil filters are the most common fake found, with some filled with newspapers selling for just Dh3 rather than the usual Dh30.

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Counterfeit airbags housed in the steering wheel are fitted with metal brackets that splinter when activated, releasing shrapnel at high speed.

Source: Victor Besa, The National 2024

These illegal activities of counterfeiters bring negative influence to the community, deprive the government of tax revenue, and also fuel the growth of a black-market economy, while simultaneously endangering consumer well-being.

Before making purchases, it’s crucial to exercise caution and thoroughly inspect items that may pose health risks and inadvertently support criminal activities.

At i-Sprint, we stand firm against intellectual property crimes with our cutting-edge solution, AccessReal. Our anti-counterfeiting technology is designed to prevent such crimes, safeguarding businesses and consumers alike. Join us in the fight against intellectual property crime and secure a brighter future for all.

 

Source:

Shouk, A. A. (2024, February 22). Intellectual property crime “more lucrative than drugs for criminals.” The National. https://www.thenationalnews.com/uae/2024/02/21/intellectual-property-crime-more-lucrative-than-drugs-for-criminals/