Eliminate safe havens for offenders: Modi

Prime Minister calls for zero tolerance for the corrupt, zero loopholes and zero barriers for action against offenders

Published: 06th September 2016 05:06 AM  |   Last Updated: 06th September 2016 05:06 AM   |  A+A-

Eliminate

NEW DELHI: Prime Minister Narendra Modi stressed upon the importance of fighting corruption and blackmoney in effective financial management on Monday at the G20 Summit in Hangzhou in China. He called upon the G20 leaders to  act to eliminate safe havens for economic offenders.

“The G20’s efforts should be for zero-tolerance for corruption and black money; zero administration, policy and treaty loopholes; zero barriers and full commitment to action,” Modi said in his intervention on the second day Summit, according to tweets from MEA spokesperson Vikas Swarup.

Modi went on to add that to achieve that good financial governance “we need to act to eliminate 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 pointed out that a stable global economic and financial system was imperative for any development, as it promotes inclusive and sustainable growth, while calling for a further strengthening of the global financial safety net. “We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements.

Modi touched upon the need for independence in the International Monetray Fund, saying “IMF should remain a quota-based institution and not depend on borrowed resources.”. He also emphasized that the “long-delayed 15th General Review of Quotas must be completed by 2017 Annual Meetings.”

The point is one that India feels quite strongly about, since it and other emerging economies have been pressing for the reform of the Bretton Wood Institutions - IMF and World Bank - which would give it and other major emerging economies a greater say. India had recently stated that governance reforms are required to ensure the IMF’s credibility, legitimacy and effectiveness.

Modi also made a pitch for India’s energy needs, pointing out that the country needs energy to support its development goals.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp