India to host G20 Summit in 2022
Why in news?
- India will host G20 Summit In 2022, when it celebrates its 75th year of Independence.
- It was announced by Prime Minister Narendra Modi during ongoing G20 meet of international grouping in Buenos Aires, capital of Argentina.
- During the Buenos Aires G20 meet, India presented a nine-point agenda to the G20 countries calling for strong and active cooperation among them to comprehensively deal with fugitive economic offenders.
India’s 9-point agenda against fugitive economic offenders:
- Joint efforts to be made by the G20 nations to form a mechanism that denies entry and safe havens to all fugitive economic offenders.
- There is need for the “effective” implementation of the principles of the United Nations Convention Against Corruption (UNCAC) and the United Nations Convention Against Transnational Organised Crime (UNOTC).
- The Financial Action Task Force (FATF) should be called upon “to assign priority and to focus on establishing international co-operation that leads to a timely and comprehensive exchange of information between the competent authorities”.
- The FATF should be tasked to formulate a standard definition of fugitive economic offenders.
- The FATF should also develop a set of commonly agreed and standardised 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”.
- There is need for 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.”
- Strong and active cooperation among the G-20 nations. The document highlights the importance of cooperation in 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”.
- The G20 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.
- The Group of Twenty (G20) is the premier forum for international economic cooperation and decision-making.
- It is a forum for the governments and and central bank governors from 20 major economies on economic issues and other important development challenges.
- It was started in 1999 as a meeting of Finance Ministers and Central Bank Governors in the aftermath of the South-east Asian (Tiger economies) financial crisis.
- The G20 comprises of total 19 countries plus the European Union (EU), representing 85% of global GDP, 80% of international trade, 65% of world’s population.
- Its members include Australia, Argentina, Brazil, Canada, China, India, France, Germany, Indonesia, Italy, Japan, South Korea, Mexico, Saudi Arabia, Russia, Turkey, South Africa, UK, US and EU.
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