Eliminate safe havens for economic offenders: Modi tells G20

From K J M Varma Hangzhou, Sep 5 (PTI) Prime Minister Narendra Modi todaymade it clear that effective financial governance requires"full commitment" to act against the corrupt and eliminationof "safe havens" for economic offenders as he called on G20members to break down the web of excessive banking secrecy. In his intervention on the second day of the G20 Summit inthis east Chinese city, Modi said fighting corruption,blackmoney and tax-evasion were central to effective financialgovernance. To achieve that, he said, "we need to act to eliminiatesafe havens for economic offenders, track down andunconditionally extradite money launderers and break down theweb of complex international regulations and excessive bankingsecrecy that hide the corrupt and their deeds". The prime minister said that a stable global economic andfinancial system is imperative for growth as it promotesinclusive and sustainable growth. He called for further strengthening of the globalfinancial safety net. "We need a regular dialogue between the IMF, RegionalFinancial Arrangements and Bilateral Swap Arrangements.Important mechanisms like financial stability board shouldstick to their core mandate," External Affairs Ministryspokesperson Vikas Swarup quoted the Prime Minister as sayingin a series of tweets. "IMF should remain a quota-based institution and notdepend on borrowed resources," Modi said emphasing that the"long-delayed 15th General Review of Quotas must be completedby 2017 Annual Meetings." The Prime Minister also said that India needs energy tosupport its development. A "balanced mix of nuclear, renewalenergy and fossil fuels are at the core of our policy." The G20 member states represent 85 per cent of the world’sGDP. Argentina, Australia, Brazil, Canada, China, France,Germany, India, Indonesia, Italy, Japan, Mexico, Russia, SaudiArabia, South Africa, South Korea, Turkey, the UK, the US andthe European Union make the G20. PTI ABH RTABH