Buenos Aires, Dec 1 (UNI)
India has made a strong pitch for inter governmental body Financial Action Task Force (FATF) to be tasked to formulate a standard definition of fugitive economic offenders and that there should be a commonly agreed and standardized procedures related to
identification, extradition and judicial proceedings for dealing with such offenders.
There should a “strong and active cooperation across G-20 countries” to deal comprehensively and efficiently with the menace of fugitive economic offenders, India suggested in its Nine Point Action Against Fugitive Economic Offences And Asset Recovery in the G20 Summit here.
“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.
Striking at the root of economic malpractices for a better future.
During the second session at G-20 Summit, which focused on international trade, financial and tax systems, I presented a 9-point programme on ways to take stringent action against fugitive economic offenders. pic.twitter.com/IsSryMrms8
— Narendra Modi (@narendramodi) December 1, 2018
The suggestions included that there should be cooperation in the legal processes such as effective freezing of the proceeds of crime; early return of the offenders and efficient repatriation of the proceeds of crime should be enhanced and streamlined.
There ought to be Joint effort by G-20 countries to form a mechanism that denies entry and safe havens to all fugitive economic offenders.