Why in news? India called upon G-20 countries to adopt multilateral action for faster extradition of fugitive economic offenders and recovery of assets, both domestically and abroad.

Highlights

• India chaired the first G-20 anti-corruption working group in Gurugram with co-chair Italy.
• Economic offences have been a problem faced by many, especially when the offenders flee from the jurisdiction of the country.
• India has put in place specialised legislation in this regard, in the form of Fugitive Economic Offenders Act, 2018
• India’s view is that strengthening of mechanisms for speedy confiscation of the proceeds of crime, both at home and abroad, would force the offenders to return to home country.

Who is ‘fugitive economic offender’?

• A Fugitive Economic Offender is a legal term in India.
• The term ‘fugitive economic offender’ [FEO] is defined as an individual against whom a warrant of arrest in relation to scheduled offence has been issued by any court in India and who has left the country to avoid criminal prosecution or the FEO abroad refuses to return to face criminal prosecution under Fugitive Economic Offenders Act.

About Fugitive Economic Offenders Act, 2018

• Act empowers any special court (set up under the Prevention of Money Laundering Act, 2002) to confiscate all properties and assets of economic offenders charged in offences measuring over INR 100 crores and are evading prosecution by remaining outside the jurisdiction of Indian courts
• It also provides for provisional attachment of all properties of the offender and confiscation of the same on declaration as fugitive economic offender by the Special Court.