India will propose a framework at the BRICS summit to speed up the sharing of financial information among member nations. The aim is to streamline cross-border data exchange to support investigations into economic offenses and to expedite extradition processes for economic fugitives.
The proposed framework would standardize formats for financial information and include asset recovery mechanisms to aid investigations across BRICS jurisdictions. It seeks to improve tracing, seizure and recovery of illicit assets linked to economic offenses.
Enforcement agencies from BRICS members have already agreed to cooperate under the framework, signaling a commitment to closer cross-border collaboration before the summit.
Officials say the initiative aims to improve coordination on economic offenses, with potential benefits for taxpayers, businesses and investors through faster information sharing and more effective asset recovery and extradition processes.
The proposal is intended to sharpen cooperation on economic offenses ahead of the upcoming BRICS summit, aligning member countries on standards and procedures for financial data exchange and extradition-related collaboration.
Key elements
- Standardized formats for financial information exchange.
- Asset recovery mechanisms to support investigations across jurisdictions.
- Procedures to expedite extradition of economic fugitives.
- Commitment by enforcement agencies to facilitate cross-border cooperation.
