Ĭounterfeit LG brand and products, such as televisions, monitors, air conditioners, etc. That represents an increase to US$250 billion worldwide. In November 2009, the OECD updated these estimates, concluding that the share of counterfeit and illegitimate goods in world trade had increased from 1.85% in 2000 to 1.95% in 2007. Ī report by the Organisation for Economic Co-operation and Development indicates that up to US$200 billion of international trade could have been in counterfeit and illegally copied goods in 2005. According to the study of Counterfeiting Intelligence Bureau (CIB) of the International Chamber of Commerce (ICC), counterfeit goods make up 5 to 7% of world trade however, these figures cannot be substantiated due to the secretive nature of the industry. Apparel and accessories accounted for over 50 percent of the counterfeit goods seized by U.S. The spread of counterfeit goods, including consumer goods (commonly called "knock-offs" or "rip-offs") and parts within the manufacturing supply chain, has become global in recent years and the range of goods subject to infringement has increased significantly. The counterfeiting of money, mostly paper money, is usually attacked aggressively by governments worldwide.įorgery of money or government bonds This has resulted in the deaths of hundreds of thousands of people, due to automobile and aviation accidents, poisoning, or ceasing to take essential compounds (e.g., in the case a person takes non-working medicine). They also have a reputation for being lower quality, sometimes not working at all, and sometimes containing toxic substances such as lead. Ĭounterfeit products tend to have fake company logos and brands, which results in patent or trademark infringement in the case of goods. The word counterfeit frequently describes both the forgeries of currency and documents as well as the imitations of items such as clothing, handbags, shoes, pharmaceuticals, automobile parts, unapproved aircraft parts (which have caused many accidents), watches, electronics and electronic parts, software, works of art, toys, and movies. Counterfeit products are often produced with the intent to take advantage of the superior value of the imitated product. Counterfeit products are fakes or unauthorized replicas of the real product. To counterfeit means to imitate something authentic, with the intent to steal, destroy, or replace the original, for use in illegal transactions, or otherwise to deceive individuals into believing that the fake is of equal or greater value than the real thing. CBP Office of Field Operations agent checking the authenticity of a travel document at an international airport using a stereo microscope
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