Eliminate safe havens for economic offenders: PM Modi tells G20
HANGZHOU: Prime Minister Narendra Modi on Monday made it clear that effective financial governance requires “full commitment” to act against the corrupt andelimination of “safe havens” for economic offenders as he called on G20 members to break down the web of excessive banking secrecy.
In his intervention on the second day of the G20 Summit in this east Chinese city, Modi said fighting corruption, blackmoney and tax-evasion were central 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”.
The prime minister 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 in a series of tweets.
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