Jitendra Singh said, “This is one of the flagships of the Comprehensive Funding. From producing dirty substances that ruin the lives of youth, to human trafficking, to selling protests to activities that undermine democracy, this black money follows many acts. He added that the global community needs to act even faster through the provision for asset forfeiture to activate strategies among G20 countries.
“Hence there is a need for multilateral action rather than one coordination for better coordination, fixing brokerage and timely disposal of the matter,” the Union minister said. He said that there were many cases of financial or banking frauds, every day the investigation was done under the relevant legal activities and these cases involved high net worth people, the crime on Sunday was more than one billion US dollars. Singh said that during the investigation it was found that the criminals fled the country either before or after the culprits were traced and that is the reason why their passports were canceled with a view to restrict their travel.
Jitendra Singh said, “Enforcement ED (ED) has seized assets worth about US$ 180 billion in public sector stocks, which have suffered a loss of about US$ 272 billion due to frauds allegedly committed by ultra wealthy individuals.” ” The minister said that despite initiating the process of obtaining information related to the property from the Aliens Administration through a letter of request, it has been observed that the process of extradition remains extremely long and confusing, there is delay in crime investigation and trial.
Jitendra Singh said, “It is our considered view that strengthening of the mechanism for immediate forfeiture of proceeds or property from crime, both at home and abroad, will force criminals to return to their own countries.” Singh said that this would help in effective investigation and speedy trial of the offense concerned. “This apart and other financial watchdogs will be able to thwart such fugitive economic offenders. Also, the situation of these sites and other financial statements will be improved to some extent due to the apprehension of diversion of the amount concerned,” he added. Could.
Singh termed corruption as a complex social, political and economic challenge affecting all the countries. He said, “In a globalized world, the impact of corruption is not limited to the confines of the G20. It has a countervailing effect on efficient use, creates market distortions, adversely affects the quality of life of citizens, undermines the benefits of globalization and affects economic growth and overall governance. It affects the encircled and marginalized the most.”
The Union Minister said that many people have to face economic hardship and it becomes very difficult to nab criminals especially when they move out of the jurisdiction of the country. He said that India has specifically enacted a law in this regard in the form of the Fugitive Economic Offenders Act-2018, in which a ‘fugitive economic offender’ has been defined as a person against whom proceedings have been initiated by any court of India. has claimed that an arrest warrant has been issued in connection with the offense and has left the country to avoid criminal proceedings; and refuses to return home to face obscurity.
Singh said that Prime Minister Narendra Modi has defined a developed India to develop such a subordinate system, which does not provide a policy towards bribery. Taking inspiration from him (Modi), India’s G20 presidency will aim to focus on practical action-oriented steps to convey the message on the broader issue of corruption, to strengthen international cooperation in anti-corruption matters, he said. And corrupt people and those fighting corruption may become victims of the scam of the G20 group.
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