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Fugitive Economic Offenders Bill, 2017: Govt to draft law to check fugitive economic offenders

Note4studnets

From UPSC perspective, fol- lowing things are important: Prelims level: Applicability of proposed law, definition of fugitive economic offender Mains level: New bill proposed. Follow its course in op-eds and follow up newscards


News

  • The draft Fugitive Economic Offenders Bill, 2017: It will empower the government to confiscate any property in India owned by economic offenders and defaulters who flee India
  • Also, at the discretion of any court, such person or any company where he is a promoter or key managerial personnel or majority shareholder, may be disentitled from bringing forward or defending any civil claim
  • The proposed law will be applicable in cases where value of offences is over Rs 100 crore
  • Provisions of the Bill: The Bill makes provisions for a court of law — Special Court under Prevention of Money Laundering Act — to declare a person a fugitive economic offender
  • Who is a fugitive economic offender? He/she is a person who has an arrest warrant issued in respect of a scheduled offence and who leaves or has left India so as to avoid criminal prosecution, or refuses to return to India to face criminal prosecution
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