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Philip Morris International Inc. (NYSE:PM) Update On Projects Funding

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Philip Morris International Inc. (NYSE:PM) reported that 32 projects finalized in the initial funding round of “PMI IMPACT”, an international measure to support firms in advancing and implementing projects committed to fighting illegal trade and associated crimes. The expert council of PMI IMPACT assessed and selected the assignments from over 200 proposals. Projects come from private, academic and public organizations in 18 nations. Grants to be given in this first funding round are around $28 million.

The details

Jürgen Storbeck, the Expert Council member, expressed that the innovative actions and creative solutions proposed by the designated projects can meaningfully help advance the international efforts against illicit trade and contribute to lessening the pervasive costs of crime on society, economy and international security. They congratulate the successful candidates for their outstanding proposals, which they now look forward to seeing applied.

The finalized projects comprise a broad range of activities in the EU and neighboring nations, in line with the subject of the first round. Numerous projects go beyond handling the illicit tobacco trade to explore the connection between organized crime, online and offline trafficking, terrorism, and the interdependencies between varied forms of illegal trade.

Alvise Giustiniani, the VP of Illicit Trade Strategies & Prevention with Philip Morris, reported that it is remarkable to witness such a broad range of unique approaches that resolves the core of this complex issue. Illegal tobacco trade is just one side of an expanding nexus of crimes, and they know that it’s just through coordinated measures of many private and public actors that they can put a close to these illicit activities that harm customers, damage businesses, and permit criminals to prosper.

Philip Morris reported that the projects are anticipated to be completed in the imminent two years, and include research exploring the drivers and scope of illegal trade; equipment and technical solutions to boost law enforcement operations; activities to improve the proficiency and capacity of law enforcement organizations and other actors; and awareness and education programs.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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