Buenos Aires [Argentina]: Prime Minister Narendra Modi on Friday (local time) presented a nine-point programme to take action against fugitive economic offenders during his address in the second session of the ongoing G20 Summit here.
In his intervention at the 2nd session at #G20Summit on international trade, international financial and tax systems, PM @narendramodi presented a 9-point programme to take action against fugitive economic offenders. pic.twitter.com/2d3aguBtf5
— Raveesh Kumar (@MEAIndia) November 30, 2018
As part of the programme, Prime Minister Modi suggested “strong and active” cooperation among the G-20 nations. He highlighted the importance of 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”, so as to “deal comprehensively and efficiently with the menace of fugitive economic offenders”.
He further suggested joint efforts to be made by the G20 nations to form a mechanism that denies entry and safe havens to all fugitive economic offenders. He stressed the “effective” implementation of the principles of the United Nations Convention Against Corruption (UNCAC) and the United Nations Convention Against Transnational Organised Crime (UNOTC). The Prime Minister underscored the need to implement features related to “International Cooperation” in the two conventions.
The Prime Minister said that the Financial Action Task Force (FATF) should be called upon “to assign priority and to focus on establishing international co-operation that leads to a timely and comprehensive exchange of information between the competent authorities”, adding that the FATF should be tasked to formulate a standard definition of fugitive economic offenders.
The document added that the FATF “should also develop a set of commonly agreed and standardised 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”.
The programme suggested the 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.”The G20 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, the Prime Minister concluded.
Prime Minister Modi`s programme for curbing the menace of fugitive economic offenders comes amid heightened efforts by India to apprehend a number of such offenders, including liquor baron Vijay Mallya, absconding diamantaire Nirav Modi and his uncle-cum-business-partner Mehul Choksi.
The three fugitives are involved in separate scams to the tune of billions of dollars.