New Delhi: In a unified resolve to combat money laundering and corruption, Brics nations Saturday reiterated their commitment to “effectively identify, detect and disrupt money laundering schemes” and strengthen digital financial security, including prevention of fraud in cross-border payment systems. For the first time, the grouping emphasised putting in place a mechanism to extradite fugitives from each other’s country and initiate steps for asset recovery from such criminals.“We welcome the establishment of Brics Expert Network on Asset Recovery to enhance cooperation among focal points and the Brics repository on informal cooperation for tracing fugitive offenders sought for corruption and supporting extradition,” the joint declaration stated. There is an ongoing discussion on developing a network of law enforcement agencies for enhancing cooperation on actions against fugitive offenders.The member nations also pledged to “promote cooperation in prevention and combating of corruption and to the continued implementation of relevant international agreements, in particular UN Convention against Corruption.”
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The declaration expressed concern over illicit financial flows, including the financing of terrorism, trafficking of firearms and people, laundering of drug-related crime proceeds and use of communication technologies for criminal purposes. The use of cryptocurrencies and other virtual assets by such networks have an adverse impact on economic stability, sustainable development and the integrity of the international financial system, it said.Without naming the Golden Triangle countries (Myanmar, Thailand and Laos) the group expressed “serious concern over proliferation of organised scam networks, including cross-border fraud operations and so-called scam compounds, which exploit digital technologies, payment systems and individuals in vulnerable situations”. TNN
