India Joins ARIN-AP Steering Committee | 06 Nov 2024

Source: TH

Why in News? 

Recently, India, represented by the Directorate of Enforcement (ED), has been included in the Steering Committee of the Asset Recovery Interagency Network-Asia Pacific (ARIN-AP). 

  • India will assume the presidency of ARIN-AP in 2026 and host the network's Annual General Meeting (AGM). 
  • This aligns with India’s priorities under the G-20 framework, particularly with respect to the Nine Point Agenda on tackling fugitive economic offenders and asset recovery.

Note:

ED is the premier financial investigation agency mandated with investigation of offences of money laundering and violations of foreign exchange laws. 

  • It functions under the Department of Revenue of the Ministry of Finance. 

What are Key Facts About ARIN-AP? 

  • About: ARIN-AP is a multi-agency network to exchange information on individuals, companies, and assets in the Asia-Pacific region with the intention of facilitating the pursuit and recovery of proceeds of unlawful activities. 
    • It is a member of the Global Camden Asset Recovery Inter-agency Network (CARIN). 
  • Objectives: Focus on the proceeds of all crimes, within the framework of international obligations. 
    • Form a solid international network with other related organisations such as United Nations Office on Drugs and Crime (UNODC) and CARIN. 
    • Facilitate and promote training in all aspects of tackling the proceeds of crime. 
    • To increase the effectiveness of members’ efforts in depriving criminals of their illicit profits by tackling the proceeds of crime 
  • Membership: It includes 28 member jurisdictions and nine observers to facilitate cross-border collaboration on asset tracing, freezing, and confiscation.  
  • Secretariat: The Secretariat's role is handled by the Korean Supreme Prosecutors' Office (SPO). 

Asset Recovery 

  • Asset Recovery is the process of tracing, freezing, confiscating and returning funds that have been obtained through illegal means. 
  • The adoption of “The United Nations Convention against Corruption” (UNCAC) in 2003 enshrined, for the first time, the recovery and repatriation of stolen assets as a fundamental principle of international public law. 
    • It has firmly established Asset Recovery on the international policy agenda.  

What are Key Points Related to CARIN? 

  • About: CARIN is an informal network or an inter-agency network represented by law enforcement and judicial experts (e.g., prosecutors or judges) from each member state. 
  • Purpose: It supports the full asset recovery process—from asset tracing to freezing, seizure, management, forfeiture/confiscation, and cross-jurisdictional asset sharing. 
  • Secretariat: The CARIN permanent Secretariat is based at Europol Headquarters in the Hague.  
  • Membership: CARIN currently has 61 registered member jurisdictions, including 27 EU Member States and 13 international organisations.  
    • It is also linked to the other seven regional asset recovery inter-agency networks (ARINs) across the globe. 
  • Finance: It is funded by the European Union. 
  • Structure and Communication: Member representatives are designated as "national contact points" and are English-speaking, as English is the network's working language. 
  • Functioning: The organisation is governed by a Steering Group of nine members and a rotating annual Presidency.

Note:

  • A fugitive economic offender is a person against whom an arrest warrant has been issued for committing an offence listed in the Fugitive Economic Offenders Act, 2018 and the value of the offence is at least Rs. 100 crores.

UPSC Civil Services Examination, Previous Year Question (PYQ) 

Prelims 

Q.Consider the following statements: (2019) 

  1. The United Nations Convention against Corruption (UNCAC) has a ‘Protocol against the Smuggling of Migrants by Land, Sea and Air’.
  2. The UNCAC is the ever-first legally binding global anti-corruption instrument.
  3. A highlight of the United Nations Convention against Transnational Organized Crime (UNTOC) is the inclusion of a specific chapter aimed at returning assets to their rightful owners from whom they had been taken illicitly.
  4. The United Nations Office on Drugs and Crime (UNODC) is mandated by its member States to assist in the implementation of both UNCAC and UNTOC.

Which of the statements given above are correct? 

(a) 1 and 3 only  

(b) 2, 3 and 4 only 

(c) 2 and 4 only  

(d) 1, 2, 3 and 4 

Ans: (c)