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Fugitive Economic Offenders (FEOs) Act, 2018, Assets exceeding $1.8…
Fugitive Economic Offenders (FEOs) Act, 2018
Who are FEOs?
These individuals typically engage in illegal activities that involve large sums of money and often cause significant damage to the economy of the country they have fled
FEOs are individuals who have fled their home country to avoid facing prosecution for financial crimes such as money laundering, fraud, and embezzlement
FEOs and India
It defines the term- as an individual against whom a warrant of arrest in relation to a scheduled offense has been issued by any court in India and who has left the country so as to avoid criminal prosecution; or the FEO abroad, refuses to return to face criminal prosecution”.
India has put in place specialized legislation in this regard, in the form of the Fugitive Economic Offenders Act, 2018.
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Legislative moves
A special court will be established under the Prevention of Money-laundering Act, 2002
Special courts can direct the Central government to seize assets of fugitive economic offender including those that are proceeds of the crime
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Fugitive Economic Offenders Act (FEOA) became a law on July 31, 2018
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Assets exceeding $1.8 billion have been recovered in the past four years under the Fugitive Economic Offenders Act (FEOA), 2018.