Money abroad can be recovered if UN convention ratified: NGO
Transparency International India asked New Delhi to ratify the United Nations Convention Against Corruption, saying it will help recover assets and money stashed by its citizens in countries like Switzerland which has ratified the act.
Transparency International India on Wednesday asked New Delhi to ratify the United Nations Convention Against Corruption, saying it will help recover assets and money stashed by its citizens in countries like Switzerland which has ratified the act.
It also said ratification of the convention would signify India's commitment to effectively fight corruption and be transparent.
"If India signs the act it will help the country to recover assets and money which are stashed in foreign countries. Under the convention, countries can freeze, seize and confiscate property owned by citizens of other countries in their country," Anupama Jha, Executive Director, of the NGO told reporters here.
She said it would help India recover assets from countries like Switzerland where Indians are said to have stashed their money.
"Since Switzerland has signed the convention it will help us recover or seize the assets. The convention also says the money or asset can be returned to the country to which the owner belongs," she said.