Choke terror funds through economic sanctions, says PM

Calling for a concerted efforts to clamp down on proceeds of crime, the Prime Minister said economic liberalism and globalisation have drastically increased the ability to park profits of crime anywhere in the world within seconds concealing its trail whereas investigation agencies are limited by national boundaries.

The Prime Minister said 45 senior officers have either been removed or faced pension cuts for “unsatisfactory performance and delivery in public service”.

Modi said India has entered into agreements with many countries for exchanging real time information on black money besides signing an Inter Government Agreement with the US to implement the Foreign Account Tax Compliance Act (FATCA).

Besides this, a comprehensive and deterrent law, the Black Money Undisclosed Foreign Income and Assets and Imposition of Tax Act, has been enacted which provides for stringent penalties and prosecution. 

“The proceeds of crime and corruption are stolen assets. They do not belong to the country where they are stashed. They rightfully belong to the citizens of the country from which they have been plundered,” he said.

Modi said police and law enforcement agencies should forge formal and informal relationships to overcome legal hurdles in asset recovery across international boundaries.

Earlier speaking on the occassion, Director CBI Anil Sinha said CBI has been discharging a broad spectrum of activities and responsibilities that support the effective administration of justice and security of the nation by actively coordinating with Interpol in transnational criminal threats.

“Be it fugitive tracking, be it seeking and provioding informal and formal evidence and other investigative assistance from foreign jurisdictions, be it extradition or deportation of fugitive criminals. CBI has been at the forefront of facilitating international cooperation,” he said.