India Suggests G-20 Countries To Aggressively Collaborate To Deal With Economic Offenders

It was underlined that cooperation in legal processes, such as the efficient repatriation of proceeds of crime and the effective freezing of criminal proceeds, should be improved and expedited.

Written by Shivanshi Srivastava September 1, 2023

G20

In a document by the government and given to the G-20 nations following the G20 Anti-Corruption Ministerial Meeting held in Kolkata on August 12 states that the G-20 nations should work closely and actively to deal with the fugitive economic criminals.

It was underlined that cooperation in legal processes, such as the efficient repatriation of proceeds of crime and the effective freezing of criminal proceeds, should be improved and expedited.

The principles of the United Nations Convention Against Corruption (UNCAC) and the United Nations Convention Against Transnational Organised Crime (UNOTC), particularly those pertaining to international cooperation, should be fully and effectively implemented.

India has proposed that the Financial Action Task Force (FATF), the international agency that monitors money laundering and the financing of terrorism, be urged to give priority and focus on developing global cooperation that results in prompt and thorough information sharing between the authorities and Financial Intelligence Units.

In order to provide guidance and assistance to the G-20 countries, subject to their domestic law, India told the G-20 member states that the FATF should be tasked with developing a standard definition of fugitive economic offenders as well as a set of commonly agreed-upon and standardized procedures related to identification, extradition, and judicial proceedings to deal with the fugitive economic offenders.

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