File photo of Prime Minister Narendra Modi. Photograph:( Reuters )
The nine-point agenda also suggests FATF should develop a set of commonly agreed and standardized procedures related to identification, extradition and judicial proceedings for dealing with economic offenders.
India has suggested that Financial Action Task Force (FATF) should formulate a standard definition of fugitive economic offenders. The focus should be on establishing international cooperation that leads to a timely exchange of information among other ways to deal with economic offenders. This was suggested by Indian Prime Minister Narendra Modi during his intervention at the 2nd session of G20 summit on international trade, international financial and tax system on Friday.
The nine-point agenda also suggests 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.
MEA: In his intervention at the 2nd session at #G20Summit on international trade, international financial and tax systems, PM Narendra Modi presented a 9-point programme to take action against fugitive economic offenders. pic.twitter.com/nsOwZiQyCq— ANI (@ANI) December 1, 2018
Before the G20 Summit, India's Sherpa to G20 Shatikanta Das told WION, "One must recognize how to further strengthen the implementation of FATF standards by non-compliant countries and jurisdictions"
The 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 a fellow G20 country is hosting Nirav Modi and Vijay Mallya accused of duping Indian banks with billions of rupees. India has been trying to extradite both of them.
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.
Last year at the 12th G20 summit in Hamburg, Prime Minister Modi suggested an 11 point agenda on terror which was finally adopted in final G20 papers.