G20 summit: PM Modi presents 9-point agenda to take action against fugitive economic offenders, calls for active cooperation

Prime Minister Narendra Modi, who is presently in Argentina capital Buenos Aires to attend the G20 Summit, has presented a nine-point agenda to the member nations calling for  active cooperation among them to comprehensively deal with fugitive economic offenders.

Modi presented the agenda in the second session of the G20 Summit on international trade, international financial and tax systems.

Seeking cooperation in legal processes including effective freezing of the proceeds of crime, early return of the offenders, efficient repatriation of the proceeds of crime, the agenda said these must be enhanced and streamlined.

 

India also called for joint efforts by G-20 countries to form a mechanism that denies entry and safe havens to fugitive economic offenders.

 

"Principles of United Nations Convention Against Corruption (UNCAC), United Nations Convention Against Transnational Organized Crime (UNOTC), especially related to 'International Cooperation' should be fully and effectively implemented," it said.

 

India suggested the Financial Action Task Force (FATF) should be called upon to assign priority and focus to establishing international cooperation that leads to timely and comprehensive exchange of information between the competent authorities and financial intelligence units.

 

"FATF should be tasked to formulate a standard definition of fugitive economic offenders. FATF should also develop a set of commonly agreed and standardized procedures related to identification, extradition and judicial proceedings for dealing with fugitive economic offenders to provide guidance and assistance to G-20 countries, subject to their domestic law," it said.

 

India also advocated setting up of a common platform for sharing experiences and best practices including successful cases of extradition, gaps in existing systems of extradition and legal assistance, etc.

 

It said the G-20 forum should consider initiating work on locating properties of economic offenders who have a tax debt in the country of their residence for its recovery. 

 

 

 

(With PTI inputs)