India presents 9 point agenda at G-20 for Action Against Fugitive Economic Offences & Asset Recovery

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By Accommodation Times Bureau

On Friday India submitted 9 point agenda at G-20 summit for dealing with fugitive economic offenders.

• Strong and active cooperation across G-20 countries to deal comprehensively and efficiently with the menace fugitive economic offenders.

• 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.

• A joint effort by G-20 countries to form a mechanism that denies entry and safe havens to all 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.

• Financial Action Task Force (FATF) should be called upon to assign priority and focus to establishing international co-operation that leads to the 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.

• 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.

• 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.

• 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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