NEW DELHI: In a unified resolve to combat money laundering and corruption, the Brics member nations on 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.The grouping for the first time emphasised on putting a mechanism to extradite fugitives from each other’s country and initiate steps towards 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 the prevention and combating of corruption and to the continued implementation of relevant international agreements, in particular the UN Convention against Corruption.”
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The declaration expressed concern about illicit financial flows, including financing of terrorism, trafficking of firearms and people, laundering of drug related crimes proceeds and use of communication technologies for criminal purposes.The use of crypto currencies and other virtual assets by such networks through organized crimes 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 organized scam networks, including cross-border fraud operations and so-called scam compounds, which exploit digital technologies, payment systems and individuals in vulnerable situations”.Members felt the need for a coordinated action to dismantle these illegal networks, trace and recover criminal proceeds, protect victims, and prevent the misuse of financial institutions.
