When Piketty came to India
Thomas Piketty, the French economist and author of the famous book Capital in the Twenty First Century, was recently in India. He delivered a lecture on the state of inequality globally as well as in India.
India on Friday presented a nine-point action programme against fugitive economic offenders at the second session of the G-20 Summit and called for a strong and active cooperation across G-20 countries to deal with fugitive economic offenders and facilitate asset recovery.
Prime Minister Narendra Modi said there was a need for a joint effort by member countries to form a mechanism that denies entry and safe havens to all fugitive economic offenders.
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The prime minister also suggested that the G-20 forum should consider initiating work on locating properties of economic offenders who have tax debt in the country of their residence for its recovery.
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“Cooperation in the 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,” he said adding that the principles of UN Convention Against Corruption (UNCAC) and UN Convention Against Transnational Organized Crime (UNOTC), especially related to international cooperation, should be fully and effectively implemented.
“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 competent authorities and Financial Intelligence Units (FIUs)
“FATF should be tasked to formulate a standard definition of fugitive economic offenders,” Modi said in his nine-point agenda.
India also advocated setting up of a common platform for sharing experiences and best practices including successful cases of extradition, gaps in existing systems of extradition and legal assistance, etc.
It said 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.
(With agency inputs)
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