G20 summit: India presents 9-point agenda on fugitive economic offenders - Pragnya IAS Academy - News Analysis.

G20 summit: India presents 9-point agenda on fugitive economic offenders.

India Friday presented a nine-point agenda to G-20 countries, calling for “strong and active cooperation” among them to comprehensively deal with fugitive economic offenders.

Prime Minister Narendra Modi presented the agenda in the second session of the G20 Summit on international trade, international financial and tax systems here on Friday.
“Cooperation in 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 agenda read.
India also called for joint efforts by G-20 countries to form a mechanism that denies entry and safe havens to 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.
India suggested that the Financial Action Task Force (FATF) should be called upon to assign priority and focus to establishing international cooperation that leads to timely and comprehensive exchange of information between the competent authorities and financial intelligence units.
“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,” it said.
The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
India also advocated setting up of a common platform for sharing experiences and best practices including successful cases of extradition, gaps in existing systems of extradition and legal assistance, etc.
It said the 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. (Source:rstv)


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G20 summit: India presents 9-point agenda on fugitive economic offenders.

BRICS summit begins tomorrow.

Setting up a BRICS rating agency and the trade war triggered by US President Donald Trump are likely to be part of the agenda for BRICS summit

Prime Minister Narendra Modi, along with the heads of Brazil, Russia, China and South Africa, will be in Johannesburg to take part in the 10th BRICS summit starting Wednesday.
What is expected from the BRICS summit this time?
The summit is being held at a time when unilateral trade actions by US President Donald Trump have set off a global trade war that could cost the world $430 billion by 2020, according to International Monetary Fund estimates. The five countries, especially China, which has been the key target of US actions, are likely to protest the protectionist measures of the Trump administration. India is likely to support a generic statement against growing protectionism without naming the US.
What will India push for at the BRICS summit?
India is keen to set up a BRICS rating agency, arguing that the methodology of S&P, Fitch and Moody’s is biased against developing nations. Though it presented a feasibility study at the 2016 meet, other members were not much enthused. India will likely push for the plan again.
Modi has called for a BRICS counterterrorism strategy, including joint action on money laundering, terrorist financing, cyberspace and deradicalization. India will seek a stronger statement against cross-border terror to send a message to Pakistan.
What other issues could be discussed?
Cooperation in the areas of counterterrorism, UN reforms, cyber security, energy security and global and regional issues are likely to be discussed.
Where does India stand on the socioeconomic parameters in the BRICS grouping?
Although India is the second-largest economy in the grouping behind China, its per capita income ($1,750) is the lowest among the five member countries. The country’s infant mortality rate (per 1,000 live births) is the highest at 37—compared to Russia’s 6—while its public expenditure on health as a percent of gross domestic product is the lowest at 1.2%, against China’s 6%.
What is the relevance of BRICS grouping?
The grouping has survived for 10 years despite the inherent contradictions among its members: autocratic governments in China and Russia; the rivalry and border disputes between China and India; South Africa and India competing for permanent membership of UN Security Council. BRICS nations have raised concerns over growing protectionism. The New Development Bank set up in 2014 is a big achievement of BRICS. (Source: Livemint)


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BRICS summit begins tomorrow.