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Losing billions of dollar annually

India for more transparent global banking system
NEW DELHI. Dec 5 : India, losing billions of dollar annually through illegal money transfers to foreign banks', has called for a more transparent global banking system. India's federal police chief said yesterday.
"At the heart of the issue is the secrecy norms In global banking which we want to be relaxed," S K Datta, Director of India's Central Bureau of Investigation (CBI) told Reuters.
Some official estimates place India's losses through illegal transfers at between dollar 5.5 billion and dollar 7.5 billion annually.
Datta Is heading the inquiry into India's dollar 1.2 billion' financial scandal.
"The funds or money which are siphoned off are mostly* derived out of crime (such as) bribery, evasion of taxes, over-invoicing and under-invoicing", Datta said.
Hy said most of the money leaving India through illegal channels was either deposited in "foreign banks which thrive on secrecy or in several tax
havens across the world."
Datta told an Interpol meeting in Senegal last month that the malaise had seriously harmed economic development in Africa.
"Basically, the economic growth is affected by siphoning off funds to Jurisdictions which act as magnets for such flows of money," Datta told the Interpol meeting on world economic crimes.
Datta said money raised through tax evasion was as tainted as profits from drug trafficking.
The gross profit out of drug trafficking is mostly earned by the consuming countries. The transit countries (such as India) are affected to a much lesser extent. Even then my country... realised that this is a crime against humanity.
"The same seriousness should be exhibited in respect of economic crimes, which too generate a lot of secret money, the flows of which are elsewhere," he. said.
He quoted an Interpol expert committee report as say-
ing funds from unaccounted money often found their way Into political crime.
The report, prepared In 1976, said ; "The secret accumulation of funds which are the proceeds of (economic crimes) are used for criminal purposes such as trafficking narcotics, smuggling of firearms and political assassination."
Suggesting that banking countries could waive secrecy for certain crimes, Datta said this had worked well in the 1973 US-Swiss treaty on mutual assistance on criminal matters.
He said in some areas such as organised crime In the United States, It was agreed that the Swiss would provide assistance even though the crime may not be common to both the countries.
"The Involved countries in this treaty arrangement have made use of the provisions, which enable the requesting country to pierce the veil of bank secrecy in .criminal cases that do not Involve crlfne in the requested country," he. said.