Presenting at the second session of the ongoing G20 Summit on global trade and economy on Friday, India came up with a 9-point agenda that calls for cooperation between countries to deal with fugitive economic offenders like Nirav Modi, Mehul Choksi and Vijay Mallya to name just a few.

The nine-point agenda presented by India at the G20 Summit calls all the nations for strong and active cooperation to form a mechanism to control the entry and exit of fugitive economic offenders. India believes that globally cooperative legal processes among all countries will help all in being able to deny the entry of such offenders. The entire 9-point agenda was presented by PM Narendra Modi on Friday during the second session of the G20 Summit on international trade, international financial and tax systems.

India believes that adding legal processes like freezing of crime proceedings, quick return of offenders and repatriation of the proceeds of crime can help in preventing the economic offenders to enter the safe havens. To achieve this, India suggested that principles of “United Nations Convention Against Corruption (UNCAC), United Nations Convention Against Transnational Organized Crime (UNOTC)
and all related to International Cooperation’ should be fully and effectively implemented”. India believes that strengthening the legal procedure will combat the problem of money launders escaping to safe havens via international loopholes.

Besides this, India also suggested that the Financial Action Task Force (FATF) should formulate a standard definition of such economic offenders and then standardise a flow of identification, extradition and judicial proceedings to deal with them. Another necessary agenda would be to remove the gaps in existing international systems for extradition and legal assistance. All these points will end the trend of economic frauds managing to escape legal proceedings.

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