Narendra Modi wants safe havens to be eliminated for better financial governance

Indian Prime Minister Narendra Modi has asked G20 leaders to consider removal of safe havens for economic offenders, repatriate money launderers and end the excessive secrecy in banking services, stressing that a fight against corruption and black money is vital for better financial governance.

Modi was addressing people on the second day of the G20 Summit being held in Hangzhou, China.

"...we need to act to eliminiate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds," he said.

The prime minister added that for global economy, a stable global economic and financial system is vital since it promotes inclusive and sustainable growth for everyone.

"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," tweeted Vikas Swarup, External Affairs Ministry spokesperson, quoting Modi.

To support India's development, Modi also stressed on the need of a "balanced mix of nuclear, renewal energy and fossil fuels are at the core of our policy."

G20 member-states, viz. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the European Union, represent 85% of the world's GDP.

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