Underlining that fighting corruption and black money was key to effective financial governance, Prime Minister Narendra Modi on Monday asked G20 leaders to act to eliminate safe havens for economic offenders, unconditionally extradite money launderers and end excessive banking secrecy that hide the corrupt.
“G20’s efforts should be for zero-tolerance for corruption and black money; zero administration, policy and treaty loopholes; zero barriers and full commitment to action,” Modi said in his intervention on the second and last day of the G20 Summit in this eastern Chinese city.
A stable global economic and financial system is imperative for development as it promotes inclusive and sustainable growth, Modi said and called for further strengthening of the global financial safety net. “We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements. Important mechanisms like financial stability board should stick to their core mandate,” External Affairs Ministry spokesperson Vikas Swarup quoted the Prime Minister as saying in a series of tweets.