November 4, 2015 1:53 PM

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Banking secrecy laws shouldn't obstruct getting black money back: India

Intensifying its bid to bring back black money stashed abroad, India has asserted that all State Parties should ensure cooperation in dissemination of information without any impediment of bank secrecy laws to the requesting country. <br/><br/>Addressing the sixth session of the Conference of the State Parties to the UN Convention Against Corruption, Central Vigilance Commissioner K V Chowdary last evening in this Russian city St Petersburg, also said that all State Parties should ensure that no unaccounted money of foreign-origin lies in their banks and financial institutions.<br/><br/>In line with the Doha Declaration adopted at the 13th UN Congress on Crime Prevention and Criminal Justice in April this year, he said, India advocates the extending of all assistance to the requesting States in "identification, tracing, freezing, seizure, recovery and repatriation of assets".<br/><br/>The Indian government meanwhile yesterday released part of the third report submitted by the Special Investigation Team on black money, in which it has asked law enforcement<br/>agencies, including the tax department and the Enforcement Directorate, to be more vigilant especially with regard to companies with same addresses.

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