India tasks FATF with standardizing fugitive economic offender definition

It proposes enhanced cooperation among G-20 countries to streamline legal processes, deny safe havens, and implement international conventions against corruption and organized crime.

Who it concerns: G-20 countries, the Financial Action Task Force (FATF), competent authorities, Financial Intelligence Units (FIUs), and the United Nations (specifically regarding UNCAC and UNOTC conventions).

What was agreed

• Enhance and streamline cooperation in freezing proceeds of crime and repatriating assets.
• Form a mechanism to deny entry and safe havens to fugitive economic offenders.
• Fully implement principles of the United Nations Convention Against Corruption (UNCAC) and United Nations Convention Against Transnational Organized Crime (UNOTC).
• Task FATF to establish international cooperation for timely exchange of information between competent authorities and FIUs.
• Task FATF to formulate a standard definition of fugitive economic offenders.
• Task FATF to develop standardized procedures for identification, extradition, and judicial proceedings.
• Set up a common platform for sharing experiences and best practices on extradition and legal assistance.
• Initiate work on locating properties of economic offenders with tax debts for recovery.

Also in the document

• The agenda specifically tasks the FATF with creating a standard definition of fugitive economic offenders and standardized procedures for extradition.
• It proposes a G-20 initiative to locate properties of economic offenders who have tax debts in their country of residence.