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Context
- India has called upon G20 countries to adopt multilateral action for faster extradition of fugitive economic offenders and recovery of assets.
More about the news
- Anti-corruption working group meeting:
- First anti-corruption working group meeting of G20 Nations was held in Gurugram, Delhi.
- Wherein India has called upon G20 countries to adopt multilateral action for faster extradition of fugitive economic offenders and recovery of assets both on domestic front as well as from abroad.
- Significance:
- Economic offences have been a problem faced by many, especially when the offenders flee from the jurisdiction of the country.
- Speedy and effective procedure:
- India’s view is that strengthening of mechanisms for speedy confiscation of the proceeds of crime, both at home and abroad, will force the offenders to return to their home country.
- This will allow for an effective investigation and speedy trial for the related offence
- India’s view is that strengthening of mechanisms for speedy confiscation of the proceeds of crime, both at home and abroad, will force the offenders to return to their home country.
- Help to banks and other financial institutions:
- This would also help the banks and other financial institutions and tax authorities to achieve recovery from defaults committed by such FEOs.
- Thus it will help restoring, to some extent, the overall health of these banks and other financial institutions, while eliminating the possibility of further misuse of these funds.
- This would also help the banks and other financial institutions and tax authorities to achieve recovery from defaults committed by such FEOs.
India’s Fugitive Economic Offenders Act, 2018
- India has put in place specialized legislation in the form of the Fugitive Economic Offenders Act, 2018.
- Definition of FEO:
- The ‘fugitive economic offender’ (FEO) is defined as an individual against whom a warrant of arrest in relation to scheduled offence has been issued by any court in India and who has left the country so as to avoid criminal prosecution; or the FEO abroad, refuses to return to face criminal prosecution.
- Aim:
- The Act aims to help confiscate assets of high-value economic offenders absconding from India till they submit to the jurisdiction of the appropriate legal forum.
- Procedure to be followed:
- The investigating agencies have to file an application in a Special Court under the Prevention of Money-Laundering Act containing details of the properties to be confiscated, and any information about the person’s whereabouts.
- The Special Court will issue a notice for the person to appear at a specified place and date at least six weeks from the issue of notice.
- If the person appears:
- Proceedings will be terminated if the person appears.
- If the person does not appear:
- If not the person would be declared as a Fugitive Economic Offender based on the evidence filed by the investigating agencies.
- If the person appears:
- The person who is declared as a Fugitive Economic Offender can challenge the proclamation in the High Court within 30 days of such declaration according to the Fugitive Economic Offenders Act, 2018.
- Role of Enforcement Directorate:
- The Enforcement Directorate is mandated to attach the properties of the fugitive economic offenders who have escaped from India warranting arrest and provide for the confiscation of their properties to the Central Government.
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