CBI seeks international cooperation to recover blackmoney

NEW DELHI: The CBI today stressed the need for cooperation with international law enforcement agencies to trace and recover illegal wealth stashed abroad.

"In today's globalised context, effective international cooperation in essential for fighting corruption that transcends international boundaries.

"We need to engage with each other at all levels to effectively deal with those criminals indulging in corrupt practices at a multi-national level. This requires more effective cooperation among all the law enforcement agencies," CBI Director A P Singh said here.

Singh said global cooperation will provide speed and efficiency in confiscation of blackmoney and prosecution of criminals.

"Multi jurisdiction cross-border aspects of an investigation into corruption and international asset recovery involves numerous processes like tracing, freezing, confiscation and repatriation of proceeds stored in foreign jurisdiction.

"We must realise that international cooperation is a two- way street, and is given on a reciprocal basis," he said while concluding the first Interpol global programme on anti- corruption and asset recovery.

The conference, first of its kind, was attended by about 38 delegates of 14 nations including China, Philippines, Thailand, Singapore, Nepal, Sri Lanka and Indonesia.

The CBI director had earlier this week during the inauguration of the conference estimated blackmoney to the tune of Rs 24.5 lakh crore (around USD 500 billion) parked abroad but today he did not make a mention about the figure.

The disclosure of estimates has evoked reactions from all quarters. Today, he also avoided media and quietly left the venue without taking any questions from the waiting reporters.