Buenos Aires, Dec 1: India has made a strong pitch for inter governmental body Financial Action Task Force (FATF) to be tasked to formulate a standard definition of fugitive economic offenders and that there should be a commonly agreed and standardized procedures related to identification, extradition and judicial proceedings for dealing with such offenders.
There should a "strong and active cooperation across G-20 countries" to deal comprehensively and efficiently with the menace of fugitive economic offenders, India suggested in its Nine Point Action Against Fugitive Economic Offences And Asset Recovery in the G20 Summit here.
"FATF should also develop a set of commonly agreed and standardized procedures related to identification, extradition and judicial proceedings for dealing with fugitive economic offenders to provide guidance and assistance to G-20 countries, subject to their domestic law," it said.
The suggestions included that there should be cooperation in the legal processes such as effective freezing of the proceeds of crime; early return of the offenders and efficient repatriation of the proceeds of crime should be enhanced and streamlined.
There ought to be Joint effort by G-20 countries to form a mechanism that denies entry and safe havens to all fugitive economic offenders.
Principles of United Nations Convention Against Corruption (UNCAC), United Nations Convention Against Transnational Organized Crime (UNOTC), especially related to "International Cooperation” should be fully and effectively implemented, it said.
An MEA statement further said the FATF should be called upon to assign priority and focus to establishing international co-operation that leads to timely and comprehensive exchange of information between the competent authorities and Financial Intelligence Units (FIUs).
At the Summit, it was also motte that there should be a Common platform up for sharing experiences and best practices including successful cases of extradition, gaps in existing systems of extradition and legal assistance, etc.
"G-20 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," the list of suggestions said. (UNI)