CBI seeks international cooperation to recover black money

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 A P 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 estimated blackmoney to the tune of Rs 24.5 lakh crore (around $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 P K 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.