Prime Minister Narendra Modi on Friday suggested that Financial Action Task Force (FATF) should formulate a standard definition of fugitive economic offenders, focusing on establishing international cooperation that leads to a timely exchange of information among other ways to deal with economic offenders.
Prime Minister Narendra Modi on Friday suggested that Financial Action Task Force (FATF) should formulate a standard definition of fugitive economic offenders, focusing on establishing international cooperation that leads to a timely exchange of information among other ways to deal with economic offenders.
Modi made the nine-point suggestion during the second session of the 13th G20 summit on International Trade, Financial and Tax system.
The nine-point agenda also suggested that FATF should develop a set of commonly agreed and standardized procedures related to identification, extradition and judicial proceedings for dealing with economic offenders which will provide assistance to G20 countries.
"One must recognize how to further strengthen the implementation of FATF standards by non-compliant countries and jurisdictions," India's Sherpa to G20 Shatikanta Das told WION before the G20 Summit.
The Financial Action Task Force (FATF) is an inter-governmental body established in 1989. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF's decision-making body, the FATF Plenary, meets three times per year.
The development comes at a time when the fellow G20 country is hosting Nirav Modi and Vijay Mallya who has been accused of duping Indian banks with billions of rupees. India has been trying to extradite both of them back.
India also called for a joint effort by G20 countries to form a mechanism that denies entry and safe havens to all fugitive economic offenders. It also suggested that G20 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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