India presents a 9-point agenda on fugitive economic offenders at G20 summit

India has called for an active cooperation across G20 countries including in legal processes for effective freezing of proceeds and early return of offenders to deal with fugitive economic offenders

India has called for a strong and active cooperation across G20 countries — including in legal processes for effective freezing of proceeds of crime and early return of offenders — to deal with fugitive economic offenders and facilitate asset recovery. India presented a nine-point action programme against fugitive economic offenders at the second session of the G20 Summit on Friday, November 30.

The agenda was presented by Prime Minister Narendra Modi in the second session of the G20 Summit on international trade, international financial and tax systems. He said there was a need for a joint effort by member countries to form a mechanism that denies entry and safe havens to all 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,” the agenda read.

India also called for joint efforts by G20 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 G20 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 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.

He also suggested that the G20 forum should consider initiating work on locating properties of economic offenders who have tax debt in the country of their residence for its recovery.

“Common platform should be set up for sharing experiences and best practices including successful cases of extradition, gaps in existing systems of extradition and legal assistance,” the Prime Minister said.

source: NH