Black market robbing economy of €1.5bn yearly

The black market is robbing the Irish economy of up to €1.5bn every year, according to new research.

The booming trade is threatening the survival of businesses and depriving the State of much-needed tax revenue, while earning organised crime gangs and terrorist groups hundreds of millions of euro.

A detailed 70-page report, Illicit Trade in Ireland, commissioned by Retail Ireland, broke down the impact on the four main industries affected. It estimated: