India takes 1st big step towards avoiding a Nirav Modi repeat

India has suggested a nine-point action plan for strong and active cooperation across G-20 countries to deal comprehensively and efficiently with the menace fugitive economic offenders.It has further suggested 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.The action plan also call for joint effort by G-20 countries to form a mechanism that denies entry and safe havens to all fugitive economic offenders.Besides India exhorted that 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.India further suggested that 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 FIUs.FATF should be tasked to formulate a standard definition of fugitive economic offenders. 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, according to the action plan. A common platform should be set up for sharing experiences and best practices including successful cases of extradition, gaps in existing systems of extradition and legal assistance, etc, suggested India.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, suggested the Action Plan.

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