Sitharaman Presses For Coordinated Action Against Economic Fugitives at G-20 Finance Ministers’ Meet

Representing India's interest at the meeting of G-20 Finance Ministers, Indian Finance Minister Nirmala Sitharaman underscored India's concerns over several nations offering safe havens to economic offenders through investment based schemes, reports Times of India.

Sitharaman pressed upon the G-20 members to put in place a mechanism for international cooperation over the issue. The meeting was also attended by the British chancellor of the exchequer, Philip Hammod.

This gains significance given over the recent years, United Kingdom (UK) has emerged as the preferred destination for economic fugitives such as Vijay Mallya and Nirav Modi, even though the UK based courts have initiated proceedings against the extradition of both.

Sitharaman stressed that closer coordination and collaboration was required to bring such economic offenders to face law, as per a statement issued by the Ministry of Finance on Sunday (9 June) evening.

It should be noted that over the last year, India has taken up the issue of economic fugitives at the G-20 level, giving rise to a global drive against tax evaders who stashed money in tax havens.