Virendra Pandit
New Delhi: Asserting that cooperation between G-20 member nations can prevent economic offenders from using legal loopholes to cross borders, Prime Minister Narendra Modi on Saturday said an informal agreement between these countries’ enforcement agencies would strengthen their drive against fugitive criminals.
Addressing via video-conferencing the Anti-Corruption Ministerial Meet of G-20 under India’s presidency, in Kolkata, he recalled that he had presented a nine-point agenda for action against Fugitive Economic Offenders and for Asset Recovery at the G-20 Summit in 2018.
This group is taking decisive steps, he noted and appreciated the action-oriented High-Level Principles on three priority areas: Law enforcement cooperation through information sharing; Strengthening asset recovery mechanisms; and Enhancing integrity and effectiveness of anti-corruption authorities.
“I am glad that an understanding has been reached on informal cooperation between law enforcement agencies. It will prevent criminals from exploiting legal loopholes when crossing borders. Timely asset tracing and identification of proceeds of crime are equally important,” he said while stressing the need to encourage countries to enhance their domestic asset recovery mechanisms.
“To expedite the recovery of foreign assets, G-20 countries can set an example by using non-conviction-based confiscation. This will ensure the swift return and extradition of criminals after due judicial process. And, it will send a strong signal about our joint fight against corruption,” the PM said.
Talking about India’s initiative against fugitive economic offenders, he said the government enacted the Economic Offenders Act in 2018. Since then, “we have recovered assets worth over USD 1.8 billion from economic offenders and fugitives. Under the Prevention of Money Laundering Act, our government has attached assets worth more than USD 12 billion since 2014,” he said.
Underlining his government’s focus on fighting corruption, PM Modi said that India has a strict policy of zero tolerance against corruption, and added that the South Asian nation has been leveraging technology and e-governance to create a transparent and accountable ecosystem.
“Leakages and gaps in welfare schemes and government projects are being plugged. Hundreds of million people in India have received direct benefit transfers into their bank accounts. The value of such transfers has crossed USD 360 billion, saving us over USD 33 billion,” he said.
PM Modi informed the participants about measures for ease of doing business. Automation and digitization of government services have eliminated rent-seeking opportunities. “Our Government’s e-Marketplace, or GeM portal, has brought greater transparency in government procurement,” he said.
About more action against corruption, he said collective efforts in the G-20 group can significantly support the fight against corruption. “We can make a difference through enhanced international cooperation and implementation of robust measures that address the root causes of corruption. We also need to give due regard to the role of audit institutions in our fight against corruption.
Above all, besides strengthening our administrative and legal systems, we must foster a culture of ethics and integrity in our value systems. Only by doing so, can we lay the foundation for a just and sustainable society,” he said.
Invoking Rabindranath Tagore, PM Modi said the Nobel Laureate had, in his writings, cautioned against greed because it prevents realizing the truth. “The ancient Indian Upanishads also wished for ‘Ma Gridha’, meaning ‘let there be no greed’,” he said.
PM Modi stressed that the highest impact of corruption is borne by the poor and the marginalized and asserted it (corruption) affects resource utilization, distorts markets, impacts service delivery, and ultimately diminishes people’s quality of life.
Referring to Kautilya in Arthashastra, the PM said it is the government’s duty to enhance the state’s resources to maximize the welfare of its people.
The Prime Minister recalled speaking on the challenges of fugitive economic offenders for all G20 countries and the Global South in his very first G-20 Summit in 2014.
PM Modi also highlighted the role of audit institutions in the fight against corruption. He urged the dignitaries to foster a culture of ethics and integrity in the value systems along with strengthening administrative and legal systems.
“Only by doing so, can we lay the foundation for a just and sustainable society.”