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‘Abolish safe havens for economic offenders’

He has called for further strengthening of the global financial safety net

Policy Pulse
Publish Date: Sep 5 2016 11:57AM | Updated Date: Sep 5 2016 11:57AM

‘Abolish safe havens for economic offenders’

 Prime Minister Modi on Monday stressed that that effective financial governance requires "full commitment" to take steps against the corrupt and abolition of "safe havens" for economic offenders as he called on G20 countries to break down excessive banking secrecy.

 
On the second and final day of the G20 Summit in Chinese city of Hangzhou, the PM said fighting corruption and tax-evasion were vital to effective financial governance.
 
To achieve that, he said, "we need to act to eliminiate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds".
 
Modi  said that a stable global economic and financial system is imperative for growth as it promotes inclusive and sustainable growth.
 
He called for further strengthening of the global financial safety net.
 
"We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements. Important mechanisms like financial stability board should stick to their core mandate," External Affairs Ministry spokesperson Vikas Swarup quoted the Prime Minister as saying.
 
Meanwhile, on the sidelines of the summit he also met his British counterpart Theresa.
 
This was his first bilateral with May who succeeded David Cameron after he stepped down following UK's decision to exit the European Union in June.