Fugitive Economic Offenders Act

Description

GS PAPER III: Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment.

Context: Union Minister addresses Special Session of UN General Assembly on Challenges and Measures to Prevent and Combat Corruption and Strengthen International Cooperation

India has made it clear that the world is presently combatting another serious emerging challenge of Fugitive Economic Offenders and Assets which flee across national jurisdictions.
India’s Fugitive Economic Offenders Act 2018 law empowers authorities for non-conviction-based attachment and confiscation of proceeds of crime and properties and assets of a ‘fugitive economic offender’ –against whom a warrant for arrest in relation to a Scheduled Offence has been issued by any court in India and who has left the country to avoid criminal prosecution or judicial processes.
Union Minister called for a strong and aligned international cooperation on the return of persons and assets sought for such offences, consistent with international obligations and domestic legal systems.
As the accused take shelter in foreign countries and conceal the proceeds of crime in complex legal structures spread over different countries and jurisdictions, the gaps and weaknesses of international cooperation in this area are fully exploited by such fugitives to their advantage.
India provides Mutual Legal Assistance to widest possible extent and it has strengthened its domestic law and widened the scope for International Co-operation with Contracting States and International organizations.