On December 1, Prime Minister Narendra Modi announced at the 13th G-20 Summit held in Argentinian capital, Buenos Aires, that India, for the first time, will host the annual G-20 summit in 2022, at a time when the country will celebrate its 75th anniversary of Independence.
PM Modi then said, "In 2022, India completes 75 years since Independence. In that special year, India looks forward to welcoming the world to the G-20 Summit! Come to India, the world's fastest growing large economy! Know India's rich history and diversity and experience the warm Indian hospitality".
At the Summit, which focused on international trade, financial and tax systems, PM Modi observed that the grouping has completed 10 years and highlighted the cooperation among the members that restored growth and revival of growth post 2008 economic meltdown.
Moreover, PM Modi at the Summit also presented a 9-point program on the ways to take stringent action against fugitive economic offenders.
• Strong and active cooperation across G-20 countries to deal comprehensively and efficiently with the menace fugitive economic offenders.
• 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.
• Joint effort by G-20 countries to form a mechanism that denies entry and safe havens to all fugitive economic offenders.
• 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.
• FATF should be called upon to assign priority and focus to establishing international co-operation that leads to timely and comprehensive exchange of information between the competent authorities and FIUs.
• FATF should be tasked to formulate a standard definition of fugitive economic offenders.
• 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 to provide guidance and assistance to G-20 countries, subject to their domestic law.
• Common platform should be set up for sharing experiences and best practices including successful cases of extradition, gaps in existing systems of extradition and legal assistance, etc.
• 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.
PM’s statement prior to attending the G-20 Summit:
• The G-20 seeks to promote multi-faceted cooperation among the twenty largest economies of the world. Through the ten years of its existence, G-20 has strived to promote stable and sustainable global growth. This objective is of particular significance for developing countries and emerging economies such as India, which is today the fastest growing large economy in the world.
• India’s contribution to global economic growth and prosperity underlines our commitment to “Building Consensus for Fair and Sustainable Development”, which is the theme of the Summit.
• I look forward to meeting leaders from other G-20 countries to review the work of G-20 in the last ten years of its existence and chart the ways and means to meet the new and upcoming challenges of the coming decade. We will deliberate on the situation of global economy and trade, international financial and tax systems, the future of work, women empowerment, infrastructure and sustainable development.
• Emerging economies, which played a major role in revitalizing the growth in the global economy pursuant to the financial crisis are today facing unprecedented economic and technological challenges. I will highlight the need for reformed multilateralism which reflects the contemporary realities and can effectively strengthen collective action for global good. There is also a serious need to strengthen international cooperation and enhance coordinated action against fugitive economic offenders and financing of terrorism.