Organised crime costs the Northern Ireland economy about £600 million a year, the Northern Ireland authorities estimated today.
Massive sums are being lost to the taxpayer from racketeering and money laundering offences.
Police have seized £8.7 million worth of criminal assets in the first six months of this year alone, double the corresponding period last year.
An Northern Ireland Office spokeswoman said: "The exact impact on the Northern Ireland economy is not known, but estimates based on the UK would suggest that the figure would be in and around £600 million."
Businesses are being urged to report suspicious transactions to the authorities who are using a central database to tackle the growing problem.
Accountants, banks, solicitors and other financial institutions can report concerns about possible money laundering.
More than £5 billion worth of criminal assets are laundered in or from the UK annually.
Money-spinners in Northern Ireland include fuel and cigarette smuggling from the Republic where duty levels are lower as well as extortion by organised gangs.
HM Revenue & Customs today dismantled a large sophisticated fuel-laundering plant in the Silverbridge area of Co Armagh and seized 10,000 litres of illegal fuel.
PSNI Assistant Chief Constable Peter Sheridan addressed the meeting of 150 local business leaders and he said police were recruiting 60 addition financial investigators to tackle the problem.
"The financial burden is borne by every law-abiding member of this community," he warned.
"Provisional figures for the first six months are that we made restraining orders amounting to £8.7 million, double the same period last year."
The director general of the Serious Organised Crime Agency Sir Stephen Lander has issued 24 recommendations to improve the system. He warned businesses, including travel agencies, were particularly prone to fraud and said collusion between criminals and industry was a real problem.