India has suggested that the G20 Nations should cooperate actively in order to deal comprehensively and efficiently with fugitive economic offenders as part of the action taken against them and the recovery of their assets. India has conveyed that the member nations in a nine-point agenda to form an effective mechanism that denies entry and safe havens to all fugitive offenders.
There should be strong and active cooperation among the G20 Nations to deal comprehensively and effectively with the fugitive economic offenders, according to a document prepared by the government given to the G20 nations after the G20 Anti-Corruption Ministerial Meeting on August 12, 2023.
UN Principles
Cooperation in legal processes such as effective freezing of the proceeds of crime, early return of offenders and the efficient repatriation of the proceeds of crime should be streamlined and enhanced. The Principles of the United Nations Convention Against Corruption (UNCAC) and the United Nations Convention Against Transnational Organised Crimes (UNATOC), especially those related to international cooperation, should be fully and effectively implemented.
Tackling Economic Offenders
For engaging against the fugitive economic offenders, PM Modi said that the government enacted the Economic Offenders Act in 2018. Since then, India has recovered assets worth 1.8 billion from offenders and fugitives and through the Prevention of Money Laundering Act, the Indian government has attached assets worth 12 billion USD.
Suggestions by India
India has suggested that the Financial Action Task Force (FATF), the global watchdog of 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 competent authorities and Financial Intelligence Units (FIU).
The FATF should be asked to formulate a standard definition of fugitive offenders, and it should also develop a set of commonly agreed and standardized procedures related to identification, extraditions, and judicial proceedings for dealing with the economic offenders to provide guidance and assistance to the G20 countries, subject to their domestic laws, India told the G20 nations.
A common platform must be set up for sharing experiences and best practices, including successful cases of extradition, gaps in the existing systems of extradition and legal assistance and the G20 Forum should consider initiating work on locating the property of economic offenders who have a tax debt in the country of their residence for its recovery, New Delhi has suggested.
Tackling Corruption
The G20 has an Anti-Corruption Working Group (ACWG). It actively works with the World Bank, the Organisation for Economic Development, the United Nations Office On Drugs and Crime (UNODC), the International Monetary Fund (IMF) and the FATF. The major focus areas of the ACWG are the prevention of bribery, international cooperation, asset recovery, and beneficial ownership transparency.
The current Prime Minister of India, Narendra Modi, has expressed in the Anti-Corruption Working Group Meeting in Kolkata that the government has zero-tolerance policies against corruption, bribing and money laundering.
In India, there are several initiatives that can reveal and tackle the menace of corruption. It includes the Central Vigilance Commission, Prevention of Corruption Act, Lokpal and Lokayuktas and the Prevention of the Money Laundering Act (2002).
