Timely asset tracing, crime proceeds identification important: PM Modi

Highlighting the importance of timely asset tracing and identification of proceeds of crime, Prime Minister Narendra Modi on Saturday stressed the need to encourage countries to enhance their domestic asset recovery mechanisms.

Addressing via video conferencing the G20 Anti-Corruption Working Group's third and final ministerial meeting held in Kolkata PM Modi recalled his very first G-20 Summit in 2014.

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, the prime minister mentioned presenting a nine-point agenda for action against fugitive economic offenders and asset recovery at the G-20 Summit in 2018 and expressed happiness that decisive steps are being taken by the working group.

"An understanding has been reached on informal cooperation between law enforcement agencies which will prevent criminals from exploiting legal loopholes when crossing borders," PM Modi said.

The Prime Minister welcomed the action-oriented high-level principles on three priority areas, namely, law enforcement cooperation through information sharing, strengthening asset recovery mechanisms, and enhancing the integrity and effectiveness of anti-corruption authorities.

PM Modi suggested that G20 countries can set an example by using non-conviction-based confiscations to expedite the recovery of foreign assets and said that it will ensure swift return and extradition of criminals after the due judicial process.

"It will send a strong signal about our joint fight against corruption", he emphasized.

Meanwhile, PM asserted that the collective efforts of G20 nations can significantly support the fight against corruption and a huge difference can be made through enhanced international cooperation and the implementation of robust measures that address the root causes of corruption.

He further highlighted the role of audit institutions in the fight against corruption and the dignitaries to foster a culture of ethics and integrity in the value systems along with strengthening our administrative and legal systems.

"Only by doing so, can we lay the foundation for a just and sustainable society. I wish you all a productive and successful meeting", PM Modi said.