The rise of transnational organized crime in the last decades of the 20th century was unexpected. The international community must elevate the struggle against transnational organized crime to one of its highest priorities in terms of both resource allocation and the development of appropriate strategies. A concern is the tardiness of some governments in recognizing the severity of the challenge and in coming to terms with the new features of organized crime. The organized criminals of the 1990's and of today are a totally different breed, combining corporate and criminal cultures, conducting criminal business not only with ruthlessness but also with a degree of business skill, and accumulating enormous wealth. This document is divided into three sections: (1) conceptual analyses relating to various facets of the problem; (2) examples of transnational organized crime and illegal markets in operation; and (3) papers looking at various initiatives that governments and international organizations have taken and/or need to take. In addition, the requirements for a more coordinated and comprehensive strategy are identified. A key component of any such strategy is the United Nation’s effort to develop a Convention against Transnational Organized Crime. One of the purposes of this convention would be to deliver to national law enforcement and judicial authorities the tools they need to succeed in investigating and prosecuting organized crime cases. Also offered are a few case studies of specific criminal activities such as maritime fraud, trafficking in women and children, and the black market in light weapons.