Representatives from 150 countries are meeting in Geneva to discuss the issue of cigarette smuggling on the black market.

Bloomberg News reports on the impact of this activity:

Estimates about the financial impact of the illegal tobacco trade vary. About 600 billion cigarettes, almost 11 percent of the 5.8 trillion cigarettes sold globally in 2006, entered the market illegally, says the Framework Convention Alliance, which puts the annual loss in tax revenue at as much as $50 billion. British American Tobacco Plc says it’s 400 billion cigarettes and the cost to government coffers is about $20 billion.

Learn more at our cigarette smuggling page.