CBI seeks intnl cooperation to recover blackmoney

Last Updated: Friday, February 17, 2012 - 18:56

New Delhi: The CBI on Friday stressed the need
for cooperation with international law enforcement agencies to
trace and recover illegal wealth stashed abroad.

"In today`s globalised context, effective international
cooperation in essential for fighting corruption that
transcends international boundaries.

"We need to engage with each other at all levels to
effectively deal with those criminals indulging in corrupt
practices at a multi-national level. This requires more
effective cooperation among all the law enforcement agencies,"
CBI Director AP Singh said here.

Singh said global cooperation will provide speed and
efficiency in confiscation of blackmoney and prosecution of
criminals.

"Multi jurisdiction cross-border aspects of an
investigation into corruption and international asset recovery
involves numerous processes like tracing, freezing,
confiscation and repatriation of proceeds stored in foreign
jurisdiction.

"We must realise that international cooperation is a two-
way street, and is given on a reciprocal basis," he said
while concluding the first Interpol global programme on anti-
corruption and asset recovery.

The conference, first of its kind, was attended by about
38 delegates of 14 nations including China, Philippines,
Thailand, Singapore, Nepal, Sri Lanka and Indonesia.

The CBI director had earlier this week during the
inauguration of the conference estimated blackmoney to the
tune of Rs 24.5 lakh crore (around USD 500 billion) parked
abroad but today he did not make a mention about the figure.

The disclosure of estimates has evoked reactions from all
quarters. Today, he also avoided media and quietly left the
venue without taking any questions from the waiting reporters.

"The programme has further strengthened the perception
that law enforcement officers in different parts of the world
may don different uniforms, but their aim and objectives
remain the same - to curb corruption, and equally important,
to punish the offenders and recover the property earned
through corrupt means," Singh said in his valedictory address
to the participants.

He further hoped that participating officers will carry
with themselves a "resolve to further the efforts in tackling
corruption and tracing illegal assets".

Speaking on the occasion, Secretary in the Department of
Personnel and Training PK Misra also stressed for seizing
blackmoney and properties made through corrupt means.

"Fight against corruption is incomplete unless we recover
the illegal assets and wealth amassed by corrupt persons. The
corrupt should be not only brought to book but their illegally
amassed wealth should also be recovered and attached," Misra
said.

He said that property and wealth which is created through
corrupt and illegal means is basically a fruit of crime and
the guilty should not be allowed to enjoy these fruits.

"In my view, no fight against corruption is complete
unless we recover and attach these illegal assets," Misra said
asking the officers to fight corruption with all might.

PTI



First Published: Friday, February 17, 2012 - 18:56

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