CBI-BLACKMONEY 2 LAST
PTI | 02:02 PM,Feb 13,2012The CBI Director said tracing, freezing, confiscation and The CBI Director said tracing, freezing, confiscation and repatriation of stolen assets is a legal challenge, a complex process which requires expertise and political will. "Managing the asset recovery investigation is complex, time consuming, costly and most importantly requires expertise and political will. There are many obstacles to asset recovery. Not only is it a specialised legal process filled with delays and uncertainty, but there are also language barriers and a lack of trust when working with other countries," Singh said. He said global financial markets allow money to travel faster and further making tracking the money trail in such cases even more difficult which necessitates the organisation of such global training programs as they enhance the knowledge of investigators in tracking assets created out of corrupt and criminal acts. Singh said criminals are using the territorial issues of investigating agencies to their advantage by spreading their crimes to at least two countries and investing in a third. "In some of the recent important cases being investigated by the CBI such as 2G, CWG and Madhu Koda, we find that money is taken to Dubai/Singapore/Mauritius from where it goes to Switzerland and other such tax havens. "For criminals all it involves is setting up of a few shell companies and then making layered transfers from account to another in a matter of hours as there are no boundaries in banking transactions," he said. He said the World Bank estimates the cross border flow of money from criminal activities and tax evasion is around 1.5 trillion US dollars of which 40 billion US dollars is bribe paid to government servants in developing countries. Singh quoted the report to say that only five billion US dollars of this money has been repatriated during 15 years.
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