India has now come up with a 9 point action plan and seeks for active cooperation with fellow G-20 member countries to try and deal with fugitives like Nirav Modi and Vijay Mallya in a better way. India isn’t the only country that might benefit from the 9 point action plan. Countries like the USA and Russia have also fallen prey to such economic offenders.
Enhanced cooperation would, therefore, serve as a key ingredient in bringing such people to justice.
The 9 point action plan calls for devising a mechanism that will deny entry to economic offenders in the member countries. This Action Plan also calls for legal cooperation that involve efficient repatriations and early return to the home countries.
In the 9 point action plan, India also suggested strengthening of the Financial Action Task Force (FATF) which is an intergovernmental organization founded in 1989 by G-7 nations in 1989 to develop policies that aim to curb terrorism financing and combat money laundering. The FATF prepares two lists, namely the blacklist and the greylist. If a country comes under the blacklist, it has to face severe international sanctions. As of now, the actions against grey list countries are very minimal.
Not only this but, the 9 point action plan also urged that the FATF to assign priority to cases and should focus on the timely exchange of information between FIUs and other law enforcement agencies.
“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 in the 9 point action plan. “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,” India added.
If the 9 point action plan was already implemented, it would’ve been impossible for economic fugitives like Vijay Mallya to seek asylum in London. With India establishing itself well under the leadership of PM Narendra Modi, let’s hope that all countries of the United Nations follow our lead and help making the 9 point action plan a huge success.