G20 : Economic Cooperation ahead

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

Note4students

Mains Paper 2: IR | Important International institutions, agencies & fora, their structure, mandate.

From UPSC perspective, the following things are important:

Prelims level: G-20

Mains level: International Cooperation to counter Fugitive Economic Offenders


News

  • Nineteen leaders of the world’s biggest economies and a representative of the European Union are set to meet on Friday and Saturday in Buenos Aries, Argentina as part of the Group of 20 summit.

9 Point Agenda

  1. India has presented a nine-point agenda to G20 member nations calling for strong and active cooperation among them to comprehensively deal with fugitive economic offenders.
  2. The agenda was presented by PM Modi in the second session of the G20 Summit on international trade, international financial and tax systems.
  3. The agenda rules for 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.
  4. 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.

Call for Joint efforts

  1. India also called for joint efforts by G-20 countries to form a mechanism that denies entry and safe havens to fugitive economic offenders.
  2. 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 asked India at the summit.

Greater role for FATF

  1. India suggested 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.
  2. FATF should be tasked to formulate a standard definition of fugitive economic offenders.
  3. 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.

Back2Basics

G-20

  1. G-20 is made up of 19 countries and the EU.
  2. The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States.
  3. The other invited members are Chile, Netherlands, Spain and representatives of regional groups of Jamaica, Rwanda, Singapore and Senegal.
  4. G-20 members represent 75% of international trade, half of foreign direct investment flows, half of foreign flows and 80% of global production.
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