Fugitive Economic Offender Act 2018 - Seeker's Thoughts

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Monday, 23 July 2018

Fugitive Economic Offender Act 2018

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Introduction- parliament has passed fugitive economic offender bill 2018. the aim of the bill is to curb practice of evading criminal prosecution by economic offenders fleeing from country to evade clutches indian law by remaining outside juridiction of indian courts.


Coverage of the act-  The bill covers economic offenders that have a value of more than Rs100 crore and when the offender makes economic offences listed in the schedule of the Fugitive Economic Offender Bill. As per the bill, a court - 'special court' under the prevention of money-laundering act 2002 has to declared a person as a fugitive economic offender.

Features of the bill:-
1- Application before the special court for a declaration that an individual is a fugtive economic offender.
2- Attachment of the properly of a fugitive economic offender.
3- Issue of a notice by the special court to the individual alleged to be a fugitive economic offender.
4- Confiscation of the property of an individual declared as a fugitive economic offender resulting from the proceeds of crime.
5- Confiscation of other property belonging offender in india and abroad, including benami property.
6-Disentitlement  of the fugitve ecnomic offender from defending any civil claim.
7-An administrator will be appointed to manage and dispose of the confiscated property under the act.





Impact and conclusion- The bill expected to force fugitive economic offenders to return to india to face trial  for the scheduled offences they have made. Though the draft bill is mainly concentrated on seizure of the assets of the offender, the detailed provisions for the forced return of the offender is expected to the incorporated during the later stage.