Narendra Modi at G20: Need new mechanism to bar economic offenders
Prime Minister Narendra Modi has suggested a nine-point agenda to tackle the menace of fugitive economic offenders. He sought strong and active cooperation across G20 countries in order to deal with the growing menace of fugitive economic offenders.
India has said that a task force may be set up to deal with the issue. They have called for cooperation in the legal processes such as effective freezing of the proceeds of crime, early extradition of offenders, and urged efficient repatriation of the proceeds of crime to be streamlined and enhanced. In June, the government had made a pitch at the G20 for a global framework to get high-profile fugitive economic offenders such as Nirav Modi, Mehul Choksi and others to face the law at home.
The Prime Minister made the suggestions at the ongoing G20 summit in Buenos Aires in Argentina at a time when India is pressing for the extradition of Nirav Modi and Mehul Choski. These two are the main culprits behind the Rs. 14,000 crore Punjab National Bank load fraud. The government is trying to establish strict laws to prevent economic offenders from evading the law fleeing to other countries as they usually do.
India has also called for joint efforts the G20 countries. The G20 countries are a group of developed and emerging economies. India has urged them to form a mechanism that bars entry and safe havens to all fugitive economic offenders. The Prime Minister has also suggested that the principles of the United Nations Convention Against Transnational Organized Crime particularly linked to international cooperation should be fully and effectively implemented.
He also said that the Financial Action Task Force (FATF) should be asked to assign priority and focus on establishing global cooperation.
PM Modi is truly trying to establish a global network for tackling economic crimes.
