The most common and most likely answer to this crossword clue is the 10 letter word CONTRABAND
I've seen this crossword clue in Independent
C
O
N
T
R
A
B
A
N
D
More clues leading to the result CONTRABAND
- Old Nicaraguan guerrilla group’s smuggled goods
- Prohibited group of Nicaraguan rebels?
- Smuggled pictures returned after trick associated with group
- One has no duty to buy this
- Jailbird cunning to return mob loot
- Conservative on at Brand about illegal stuff
- This comes of ignoring established customs
- Prohibited group of rebels?
- South American rebel group’s means of avoiding duty
- Group of Nicaraguan rebel fighters? It’s run illegally
Buddy explains!

The straight part
We know that "loot" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case loot = contraband.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does CONTRABAND mean?
CONTRABAND noun- Any goods which are illicit or illegal to possess
- Goods which are prohibited from being traded, smuggled goods
- A black slave during the American Civil War who had escaped to, or been captured by, Union forces.
- To import illegally; to smuggle.
- To declare prohibited; to forbid.
- Prohibited from being traded