Diplomacyindia.com

India joins G20 in fighting tax evasion, terror funding

India joins G20 in fighting tax evasion, terror funding
April 16
11:38 2016

New Delhi, April 16  Finance Minister Arun Jaitley has joined the G20 leadership in fighting money laundering, tax evasion and terror financing while calling upon tax havens to become transparent in this regard and share information.

After a meeting of G20 finance ministers and central bank governors here, attended by Jaitley and Reserve Bank of India (RBI) Governor Raghuram Rajan from India, a joint communique also warned non-cooperative jurisdictions with “defensive” steps.

The G20 leadership said it was important to improve transparency in the global financial system to prevent the misuse of such entities for illegal acts such as corruption, tax evasion, terror financing and money laundering.

It said all countries and jurisdictions must become members of the the Financial Action Task Force on Money Laundering that was established at the G7 Summit of rich nations in Paris in 1989. India is a member of this initiative.

Held on the margins of the World Bank-International Monetary Fund Spring Meetings, the G20 said countries that have not committed to automatic exchange of information by 2017 or 2018 must do so without any further delay.

“We mandate the OECD (Organisation of Economic Cooperation and Development) working with G20 countries to establish objective criteria by our July meeting to identify non-cooperative jurisdictions with respect to tax transparency,” the communique said.

“Defensive measures will be considered by G20 against non-cooperative jurisdictions if progress as assessed by the Global Forum is not made,” it said adding it looked forward to its report before the end of the year for further decisive action.

The communique comes when another global expose has surfaced on people with accounts in tax havens, including top politicians. With 500 Indians, too, named in the list, dubbed the “Panama Papers” a probe is currently on by a multi-agency team.

India does not have any official estimate about the quantum of black money stashed away by its nationals abroad, but unofficial estimate puts it somewhere between $466 billion and $1.4 trillion.

Earlier, during his interaction with US Treasury Secretary Jacob J. Lew, both countries agreed to step up their joint work in pursuing tax evaders and terror financing, steps such as joint tax audits and examination.

“We have enhanced our cooperation in tackling money laundering and combating the financing of terrorism through increased information sharing and cooperation, including a dialogue held recently in India,” the duo said in a joint statement.

“We both agree on the importance of fighting illicit finance in all forms as an important means of tackling global terrorism.”

About Author

admin

admin

Related Articles

Danish Ambasador Freddy Svane speaking on 75 Years of friendship between India and Denmark

Dr Meena Singh Roy speaking on Uzbekistan Constitutional Reform Referendum 2023

On the Eve of 30th Years of Independence of Republic of Uzbekistan, H.E. Dilshod Akhatov, Ambassador of Uzbekistan to India in conversation with Ameya Sathaye, Editor-in-Chief.

Denmark Ambassador to India Freddy Svane in conversation with Amb Pradeep Kapur & Ameya Sathaye, Editor-in-Chief

Italy india will work closely together for G20 : Italy Envoy to India

Do you know why FINLAND is ranked number ONE in Happiness index, watch this interview with Finland Ambassador to India

Exclusive Interview : H.E. Jasem Ibrahem Al Najem Ambassador of Kuwait to India speaks on India Kuwait bilateral relations

ड्रैगन ने हाथी को क्यों डसा, भारत- चीन रिश्तों की कहानी- रंजीत कुमार के साथ अमेय साठे की विषेष चर्चा ड्रैगन ने हाथी को क्यों डसा, भारत- चीन रिश्तों की कहानी- रंजीत कुमार के साथ अमेय साठे की विषेष चर्चा 0 comment Read Full Article

H.E. Reuben Gauci, Ambassador of Malta to India speaks on India-Malta Bilateral Relations

Portugal supports India in covid crisis : Portugal Ambassador Carlos Pereira Marques speaks with Ameya Sathaye, Editor-in-Chief

Vietnam Ambassador to India, Pham Sanh Chau speaks on Vietnam support to India in tackling covid crisis

Netherlands supports India in covid crisis : Netherlands Ambassador Marten van den Berg speaks with Ameya Sathaye

Envoy Speaks : Gopal Baglay, Indian High Commissioner to Sri Lanka speaks on Bilateral relations, business opportunities, Tourism & people to people to people contacts

Kuwait reciprocates, we stand with India in this hour of crisis : Kuwait Ambassador to India

Canadian High Commissioner, Nadir Patel speaking on support to India in covid crisis

Italian Ambassador to India, Vincenzo de Luca speaking on Italy support to India in covid crisis

H.E. Mr. Reuben Gauci, Malta High Commissioner to India speaks with Ameya Sathaye, Editor-in-Chief of Malta support to India in covid crisis

Danish Ambassador to India Freddy Svane speaking on Denmark aid to India

Video Interview with Vinod Daniel, CEO, India Vision Institute, Board Member, International Council of Museums & Chairman, Ausheritage

DENMARK AMBASSADOR FREDDY SAVNE VISIT TO CORONOVIRUS VACCINE FACILITY AT HYDERABAD, A TRIP ORGANISED BY MINISTRY OF EXTERNAL AFFAIRS, GOVT OF INDIA FOR FOREIGN ENVOYS BASED IN INDIA.

MALTA HIGH COMMISSIONER TO INDIA, H.E. REUBEN GAUCI SHARING HIS IMPRESSION ABOUT HIS VISIT TO HYDERABAD : TRIP ORGANISED BY MINISTRY OF EXTERNAL AFFAIRS, GOVERNMENT OF INDIA FOR ENVOYS BASED IN INDIA TO UPDATE ON CORONAVIRUS VACCINE

H.E. Mr. Dinesh Bhatia, Ambassador of India to Argentina in conversation with Ameya Sathaye, Editor-in-Chief

Pictures of Formal Launch of Website Diplomacyindia.com

Exclusive Interview with Prime Minister of Guyana, H.E. Mr. Moses Veerasammy Nagamootoo during his recent visit to India.Highlights of the interview were Indian Cultural Connect, Vibrant Bilateral Ties and Cultural Connect and India’s Economic Prowess.

Video Message from Shri Prakash Javadekar, MoS (IC) for Forest, Environment & Climate Change on eve of Formal Launch of Website Diplomacyindia.com

Message from Gen. V K Singh, (Retd.) Hon’ble MoS, External Affairs to Diplomacyindia.com