India suggests G-20 nations to cooperate to deal with fugitive economic offenders

India has suggested that the FATF should be called upon to assign priority and focus to establishing international cooperation that leads to a timely and comprehensive exchange of information between the competent authorities and Financial Intelligence Units.

New Delhi: India has suggested to all G-20 nations to actively cooperate to deal comprehensively and efficiently with fugitive economic offenders as part of the action against them and recovery of the assets. In a nine-point agenda suggested to G-20 countries, India has conveyed that the member nation should form a mechanism that denies entry and safe havens to all fugitive economic offenders.

There should be strong and active cooperation among G-20 countries to deal comprehensively and efficiently with the fugitive economic offenders, according to a document prepared by the government given to the G-20 nations after the G20 Anti-Corruption Ministerial Meet held in Kolkata on August 12.

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, it noted. Principles of the United Nations Convention Against Corruption (UNCAC), and United Nations Convention Against Transnational Organized Crime (UNOTC), especially those related to international cooperation should be fully and effectively implemented.

India has suggested that the Financial Action Task Force (FATF), the global watchdog for money laundering and terror financing, should be called upon to assign priority and focus to establishing international cooperation that leads to a timely and comprehensive exchange of information between the competent authorities and Financial Intelligence Units.

The FATF should be tasked to formulate a standard definition of fugitive economic offenders and it 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 the G-20 countries, subject to their domestic law, India told the G-20 member nations.

The 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. and the 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, New Delhi has suggested. (PTI)