Fugitive Economic Offenders Bill, 2017 to tighten hold over absconding corporate defaulters

The Fugitive Economic Offenders Bill, 2017 is likely to be introduced during second the part of the Budget session. It provides for establishing a special court under the Prevention of Money Laundering Act, in order to declare a person a “fugitive economic offender”. It would enable quicker attachment and disposal of property and assets in order to recover the defaulted amount.

The Bill is in conformity with the provisions of United Nations Convention against Corruption that recommends “non-conviction-based asset confiscation for corruption-related cases”.

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L&P Editorial Team

The Law & Practice Blog's editorial team.

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