PM Modi suggests 9 point agenda against fugitive economic Offences

Prime Minister Narendra Modi suggested that Financial Action Task Force (FATF) should formulate a standard definition of fugitive economic offenders, focusing on establishing international cooperation that leads to a timely exchange of information among other ways to deal with economic offenders.

Modi made the nine-point suggestion during the second session of the 13th G20 summit on International Trade, Financial and Tax system. The nine-point agenda also suggested that FATF should develop a set of commonly agreed and standardized procedures related to identification, extradition and judicial proceedings for dealing with economic offenders which will provide assistance to G20 countries.

He suggested strong and active cooperation across G-20 countries to deal comprehensively and efficiently with the menace fugitive economic offenders. He sought 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.

He seeks joint effort by G-20 countries to form a mechanism that denies entry and safe havens to all fugitive economic offenders. Modi said 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.

Modi made it clear that FATF should be called upon to assign priority and focus to establishing international co-operation that leads to timely and comprehensive exchange of information between the competent authorities and FIUs.

FATF should be tasked to formulate a standard definition of fugitive economic offenders and 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, he added.

Modi suggested that 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, etc. He also said 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.

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