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India stresses on multilateral action for extradition of economic offenders
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IANS | 01 Mar, 2023
India on Wednesday called upon the G-20 nations to adopt multilateral
action for faster extradition of fugitive economic offenders and
recovery of assets both on the domestic front as well as from abroad
during the first Anti-Corruption working group meeting of G20 nations.
Chairing the meeting with Co-Chair Italy, Union Minister
of State, Personnel, Public Grievances, Jitendra Singh said: "Economic
offences have been a problem faced by many, especially when the
offenders flee from the jurisdiction of the country. India has put in
place specialised legislation in this regard, in the form of Fugitive
Economic Offenders Act, 2018, the term wherein 'fugitive economic
offender' (FEO) is defined as an individual against whom a warrant of
arrest in relation to a Scheduled Offence has been issued by any court
in India and who has left the country so as to avoid criminal
prosecution; or the FEO abroad, refuses to return to face criminal
prosecution."
The Minister also said the Enforcement Directorate
has transferred assets worth about $180 billion to public sector banks
that suffered losses to the tune of around $272 billion due to frauds
committed by high-net-worth individuals.
The Minister informed
the G-20 delegates that India's view is that strengthening of mechanisms
for speedy confiscation of the proceeds of crime, both at home and
abroad, will force the offenders to return to their home country.
He
added that this will allow for an effective investigation and speedy
trial for the related offence and this would also help the banks and
other financial institutions and tax authorities to achieve recovery
from defaults committed by such FEOs, thus restoring, to some extent,
the overall health of these banks and other financial institutions,
while eliminating the possibility of further misuse of these funds.
Singh
said that corruption is a complex social, political, and economic
challenge affecting all countries and in a globalised world, corruption
has ramifications well beyond the G20.
He said it adversely
impacts the effective utilization of resources, creates market
distortions, adversely impacts the quality of life of citizens,
impacting the benefits of globalisation and consequently, economic
growth and overall governance and most disproportionately affecting the
poor and most marginalised.
Singh said as the primary forum for
global economic cooperation, the G20 has to take responsibility to lead
global efforts towards battling the menace of corruption.
Since
its inception in 2010, the G20 Anti-Corruption Working Group (ACWG) has
been at the forefront of addressing all forms of corruption, the
Minister added.
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