‘Need processes to trace, extradite fugitive economic offenders faster’
NEW DELHI: India on Wednesday stressed on bringing in processes to trace and extradite fugitive economic offenders faster and their properties situated abroad brought within the reach of the law of the land from where they escaped.
Addressing BRICS countries anti-corruption ministerial meet, Union minister Jitendra Singh underlined the need to strengthen international cooperation against money laundering through enhanced exchange of knowledge between the national agencies of member nations.
BRICS is a bloc of Brazil, Russia, India, China and South Africa. He also called for striving to prevent the transfer of proceeds of corruption overseas, and effectively implement the Financial Action Task
Force anti-money laundering and counter terrorism financing standards. “There is no second thought that the impact of economic offences, such as, money laundering, banking fraud, tax evasion, etc. on the economy of a country and the global economy is substantial,” said Singh, the Minister of State in the Prime Minister’s Office.
Dwelling on the theme of BRICS cooperation to combat corruption, he highlighted few areas of future action like bringing in processes, where fugitive economic offenders can be traced and extradited faster, and their properties situated abroad brought within
the reach of the law of the land from which such offenders escape, according to an official statement. Singh underlined the need to develop common understanding on the return of people and assets sought for such offences besides endeavour to strengthen international cooperation against money laundering through enhanced exchange of knowledge between the national agencies concerned.
He said India under Prime Minister Narendra Modi is determined to continue its crusade against corruption and unaccounted money.
In pursuance of this, Singh said a range of initiatives have been taken by the Modi government over the last eight years. He referred to India’s Prevention of Corruption Act, 1988, which the Modi government amended after 30 years in 2018 to introduce a number of new provisions, including criminalising act of giving bribe also in addition to taking bribe, and at the same time putting in place an effective deterrence for such actions by individuals as well as corporate entities.