Connect with us
European Gaming Congress 2024

Fintech PR

JTI RESEARCH: £9.3 BILLION LOST TO ILLEGAL TOBACCO, BUT LOCAL COUNCILS REFUSE TO ACT

Published

on

jti-research:-9.3-billion-lost-to-illegal-tobacco,-but-local-councils-refuse-to-act
  • At least 9 councils nationwide conducted 0 investigations and had 0 prosecutions for illegal or counterfeit tobacco from 2018 to 2022.
  • Over this five-year period, Rochdale, Havering, and Kingston upon Thames were amongst the councils refusing to act.
  • Some councils, such as Hull, carried out over 249 investigations in the same time period, resulting in 53 criminal prosecutions.
  • HMRC estimate that since 2018, £9.3 billion in tax revenue1 has been lost due to illegal tobacco to cigarettes and hand-rolling tobacco.

LONDON, Nov. 21, 2023 /PRNewswire/ — New research published today has found that at least 9 local authorities nationwide did not start a single investigation into the sale of illegal or counterfeit tobacco products from 2018 to 2022. The 9 authorities were: Calderdale, East Dunbartonshire, Isle of Anglesey County Council, Rochdale, Havering, Lambeth, City of London, Kingston upon Thames, and York.

Other councils, such as Hull, have taken robust action to tackle the issue, with 249 investigations and 53 prosecutions, more than any other council. Middlesbrough were also relatively active in this area, with 416 investigations, and 15 prosecutions.

Freedom of Information requests sent to 96 councils across England and Wales, show significant variation between the approaches taken by local councils. Councils in London (Kingston), Manchester (Rochdale), Wales (Isle of Anglesey County Council), and Scotland (East Dunbartonshire) were amongst those taking no action.

A lack of action by these councils will undoubtedly lead to increased sales of illegal tobacco, which is often linked to organised crime, a blight on local communities and contributing to the large tobacco tax gap. This gap, as estimated by HMRC, is the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid. Since 2018, £9.3 billion in tax revenue has been lost in this way. In 2021-22, alone, the tax gap was £2.2 billion.

According to the Police Federation, £2.2 billion could pay for more than 77,000 new police officers.2

Freedom of Information Requests were sent to a sample of 96 councils, asking them for the data below.

Commenting on the data, Sarah Connor, Communications Director at JTI UK, said:

“Some councils’ poor enforcement of existing laws raises doubts about their ability and capacity to enforce a more complex generational ban. Illegal tobacco is already a significant issue, and the generational ban has the potential to worsen this, by driving adult smokers to buy cigarettes from organised gangs.”

Top performers

Local Authority

 

Advertisement

 

Location

 

 

The number of investigations the Council has initiated into the sale of illegal or counterfeit tobacco products (2018-2022)

The number of successful prosecutions the council has secured regarding the sale of illegal or counterfeit tobacco products (2018-2022)

Middlesbrough Council

Teesside

416

15

Advertisement

Newham

London Borough

256

0

Hull

 

Yorkshire and Humber region

249

53

Newport City Council

Advertisement

Wales

173

7

Rhondda Cynon Taf County Borough Council

Wales

 

172

18

Stockport

Manchester

Advertisement

172

2

Manchester

Manchester

161

18

Waltham Forest

London Borough

156

6

Advertisement

Doncaster

 

Yorkshire and Humber region

93

27

Bottom of the league

Local Authority

Location

The number of investigations the Council has initiated into the sale of illegal or counterfeit tobacco products (2018-2022)

The number of successful prosecutions the council has secured regarding the sale of illegal or counterfeit tobacco products (2018-2022)

Advertisement

Calderdale

 

Yorkshire and Humber region

0

0

East Dunbartonshire

Scotland

0

0

Isle of Anglesey County Council

Advertisement

Wales

 

0

0

Rochdale

Manchester

0

0

Havering

London Borough

Advertisement

0

0

Lambeth

London Borough

0

0

City of London

London Borough

0

0

Advertisement

Kingston upon Thames

London Borough

 

0

0

York

 

Yorkshire and Humber region

0

0

Advertisement

For further information, please contact:
Sarah Connor
[email protected]

Full source data is available upon request.

1 This figure is the sum of HMRC’s tobacco duty gap, which includes cigarettes and hand-rolling tobacco, for the last five years. These figures are available here: https://www.gov.uk/government/statistics/measuring-tax-gaps/3-tax-gaps-excise-including-alcohol-tobacco-and-oils#tobacco
2 A newly appointed constable, after 01/09/23 would earn £28,551. (https://www.polfed.org/resources/pay-scales/constable-pay-scales/)

Logo – https://mma.prnewswire.com/media/1697909/JTI_Logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/jti-research-9-3-billion-lost-to-illegal-tobacco-but-local-councils-refuse-to-act-301994941.html

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Fintech PR

Savl Rebrands to Unity Wallet and Launches Loyalty Program, Boosting User Experience and Value

Published

on

savl-rebrands-to-unity-wallet-and-launches-loyalty-program,-boosting-user-experience-and-value

Known for its exclusive tools and unique features, Unity Wallet delivers the most comprehensive self-custodial crypto wallet and Web3 experience, for seamless and secure DeFi management. 

LONDON, Sept. 19, 2024 /PRNewswire/ — Savl, the self-custodial crypto and Web3 wallet that combines industry-leading encryption, unique functionality, and intuitive design has rebranded to Unity Wallet, signifying a new era for the project.

With a mission to unlock DeFi’s potential for everyone, Unity Wallet promotes broader self-custody adoption through an intuitive, user-friendly design paired with industry-leading encryption and security.

Launched in 2020, Unity Wallet operates in over 100 countries and has generated more than 1 million wallets. Its innovative features set it apart, including a built-in social community, sub-accounts, staking, WalletConnect, encrypted messenger, and the unique Know Your Transaction (KYT) function, which allows users to assess risks on wallet addresses, protecting against fraudulent activities and ensuring a safer self-custodial crypto and Web3 wallet experience.

Further expanding its offerings, Unity Wallet now actively rewards its users through its recently launched loyalty program. Rewardable actions include buying, selling, swapping, sending, staking and socially engaging with other users. Points can then be used to progress through program tiers, reduce transaction fees, enjoy up to 50% cashback on cross-chain and DEX swaps, and be redeemed for additional sub-accounts, KYT checks, unique perks, and 24/7 dedicated support.

James Toledano, Chief Operating Officer of Unity Wallet, said, “Since its inception, our mission has been to simplify access to crypto. As the crypto landscape has evolved, so has Unity, leading to this rebrand and marking a pivotal point in our journey. Our new name reflects our commitment to providing a unified, accessible, and empowering user experience for all. The loyalty program is a key step towards this vision, designed not only to reward our community but also to drive the broader adoption of decentralized finance and enhance user experience and value.”

Unity Wallet can be downloaded via the Apple App and Google Play stores. For more information on the loyalty program visit https://www.unitywallet.com/loyalty-program.

About Unity Wallet

Unity Wallet is a self-custodial crypto and Web3 wallet that combines industry-leading encryption, unique functionality, and intuitive design. Launched in 2020 as a solution to the fragmented nature of existing wallets, Unity Wallet is a sleek alternative to complicated experiences. It operates across 100+ countries, with an impressive track record of 1,000,000 wallets generated. Its innovative features set it apart, including a built-in social community, encrypted messenger, and its unique Know Your Transaction (KYT) function, enabling users to conduct risk assessments on wallet addresses to safeguard against illicit activities. Unity Wallet safeguards user assets with a robust set of security measures, including a 24-word recovery phrase, anti-theft pin codes, and optional FaceID authentication, all powered by cutting-edge cryptographic algorithms and protocols. With its comprehensive suite of services, users can effortlessly engage in buying, selling, and storing over 250 cryptocurrencies, as well as cross-chain and DEX swapping across 100s of trading pairs, along with the ability to stake assets and create multiple sub-accounts for optimized asset management. Unity Wallet also facilitates the purchase of everyday products and services in over 190 countries using cryptocurrency, while its advanced WalletConnect integration grants access to the Web3 world and thousands of decentralized apps (DApps).

 

Advertisement

View original content:https://www.prnewswire.co.uk/news-releases/savl-rebrands-to-unity-wallet-and-launches-loyalty-program-boosting-user-experience-and-value-302253344.html

Continue Reading

Fintech PR

Experian Research: GenAI and data-driven decisioning are key competitive advantages for global business leaders

Published

on

experian-research:-genai-and-data-driven-decisioning-are-key-competitive-advantages-for-global-business-leaders

LONDON, Sept. 19, 2024 /PRNewswire/ — Experian’s latest research, conducted by Forrester Consulting, delves into the strategies of senior decision-makers in the financial services and telco sectors across EMEA and APAC. The survey of over 1200 C-suite and Director level leaders in Australia, Denmark, Germany, India, Italy, New Zealand, Norway, South Africa, Spain, and the Netherlands reveals how businesses are leveraging Generative AI (Gen AI), consolidating datasets to improve decisioning models, and prioritizing customer experience to navigate challenging economic conditions and technological disruption.

The race to harness GenAI is well underway

Business leaders identified technological disruption as the third largest external factor impacting their business in the coming two years, putting emphasis on the race toward AI supremacy to improve business efficiencies and reduce costs. Sixty-eight percent of participants believe that competitive advantage in their industry will be dependent on who can make the best use of AI, and nearly three-quarters (73%) of the technology leaders are exploring GenAI use cases with a view to implement them within the next year.

Technological disruption is a catalyst for improving customer experience

Survey respondents highlighted a centralised cloud-based platform as a notable factor to improve risk strategy. Nearly half (47%) foresee additional credit stress and tightened lending criteria. Many risk leaders (42%) also indicated that the top risk priority is to improve the ability to identify financially vulnerable customers. Integrating data sources, leveraging AI and streamlining data-to-insight-to-action processes to enable lenders to achieve a holistic borrower view, improve customer relations and foster lending practices.

Combining datasets into a single cloud-based platform is key to enhancing analytical capability

Data and analytics leaders are prioritising a unified platform for siloed datasets to accelerate AI/ML model development and deployment. More than half (55%) of respondents believe current development times are too long, with 48% stating that they are updating their models more frequently due to shifting consumer behaviour.

“This year’s research highlights the growing importance of AI and data analytics for businesses seeking a competitive edge,” says Malin Holmberg, CEO, EMEA & APAC, Experian. “While we are still facing broader macroeconomic challenges, the majority of leaders remain optimistic about future growth and increased technology investment.”

Download the full report here.

Advertisement

About Experian

Experian is a global data and technology company, powering opportunities for people and businesses around the world. Learn more at experianplc.com.

Photo – https://mma.prnewswire.com/media/2510048/Forrester_Infographics.jpg
Logo – https://mma.prnewswire.com/media/2510049/Experian_Logo.jpg

Contact: Yolanda Zondo, [email protected] 

Cision View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/experian-research-genai-and-data-driven-decisioning-are-key-competitive-advantages-for-global-business-leaders-302253297.html

Continue Reading

Fintech PR

Itaú Private Partners with Addepar to Deliver a Comprehensive Global Investment Solution

Published

on

itau-private-partners-with-addepar-to-deliver-a-comprehensive-global-investment-solution

Exclusive collaboration enhances wealth management services with cutting-edge data aggregation and performance reporting tools

NEW YORK, Sept. 19, 2024 /PRNewswire/ — Itaú Private, a leading provider of private banking services, has announced an exclusive partnership with Addepar, a global leader in technology and data solutions for investment professionals. This strategic collaboration grants Itaú Private exclusive access to Addepar’s comprehensive data aggregation and performance reporting platform in Brazil, enhancing the bank’s ability to deliver superior service and investment solutions to its advisors and clients.

Through this partnership, Itaú Private clients will gain access to powerful tools and detailed reports that provide insights into their global wealth—both onshore and offshore—including returns, transactions, historical data, and balances. These capabilities will enable a fully automated and personalized evaluation of each client’s unique financial interests and needs.

“The partnership with Addepar brings a new level of sophistication to the services we offer, allowing us to better align our solutions with each client’s distinct goals,” said Fernando Beyruti, Global Head of Itaú Private Bank. “This initiative also enables us to introduce an advisory model that evaluates clients’ total assets, deepening our relationships and reinforcing our commitment to client-centric services.”

Addepar serves a global client base, providing advanced financial technology solutions to investment professionals across more than 45 countries. The platform currently supports over $6 trillion in assets under management, offering robust data aggregation and performance reporting tools that empower clients to make better decisions and deliver more informed advice.

“We are excited to collaborate with a market leader like Itaú Private, enabling us to bring our advanced financial technology solutions to one of the most dynamic and innovative private banks in the world,” said Peter O’Brien, Global Head of Sales and Partnerships at Addepar. “Together, we are committed to empowering Itaú Private’s advisors with state-of-the-art tools that drive efficiency and deliver exceptional value to clients.”

About Addepar

Addepar is a global technology and data company that empowers investment professionals to deliver precise and informed guidance to their clients. Trusted by hundreds of thousands of users worldwide, Addepar’s platform aggregates portfolio, market, and client data for over $6 trillion in assets. The platform integrates with more than 100 software, data, and service partners, providing a comprehensive solution for a diverse range of firms and use cases. Addepar has a global presence, with offices in Silicon Valley, New York City, Salt Lake City, Chicago, London, Dublin, Edinburgh, and Pune.

About Itaú Private

Itaú Private is a market leader with approximately R$ 880 billion in allocated capital—R$660 billion onshore and R$162 billion offshore (as of March 2024)—and holds around 30% market share in its segment in Brazil, according to data from Anbima. With a team of around 800 employees, including 350 professionals across its international offices in the United States, Portugal, Switzerland, and the Bahamas. Miami is Itaú Private’s international hub that provides clients with wealth management and banking products and services, including portfolio management and personalized advice by experienced investment professionals. In Switzerland, the conglomerate has a bank, and in the Bahamas, a trust management company, which helps to serve clients who have to set up investment structures abroad.

Advertisement

Logo – https://mma.prnewswire.com/media/2299460/Addepar_Logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/itau-private-partners-with-addepar-to-deliver-a-comprehensive-global-investment-solution-302252593.html

Continue Reading
Advertisement
Advertisement European Gaming Congress 2024

Latest news

Trending