At G20 summit, PM Modi’s 9-point agenda on fugitive economic offenders
Financial Action Task Force (FATF) should be called upon to assign priority and focus to establishing international cooperation (Photo: Twitter)
Prime Minister Narendra Modi on Friday presented a nine-point agenda to G20 member nations on fugitive economic offenders. PM Modi presented the agenda in the second session of the G20 summit on international trade, international financial and tax systems. The Prime Minister pitched for a mechanism to deny entry and safe havens to economic offenders.
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G20 summit: PM Modi’s 9-point agenda
- Strong and active cooperation across G20 countries to deal comprehensively and efficiently with the menace fugitive economic offenders.
- Cooperation in 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.
- 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.
- 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.
- Common platform for sharing experiences and best practices including successful cases of extradition, gaps in existing systems of extradition and legal assistance, etc.
- 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.
First Published: Saturday, December 01, 2018 07:04 AM