2 days ago
Chief Justice Warns Global Money Laundering Leaves Vast Wealth Unrecovered
Chief Justice Surya Kant spoke about how much money is illegally moved around the world.
He said one year’s total could buy a modest laptop for every person on Earth.
He also said that less than one part out of 100 is recovered.
This means most of the money is never put right.
Kant explained that India uses laws, government institutions and court decisions to fight economic crime.
He mentioned two Indian laws dealing with money laundering and economic offenders.
He said some people have accused investigators of misusing the money-laundering process.
Courts have stepped in when necessary and insisted that people be told in writing why they are arrested.
He also said Indian courts responded to digital arrest scams without waiting for Parliament to create a specific law.
Chief Justice of India Surya Kant said one year of global money laundering could buy a modest laptop for each of Earth’s eight billion people.
He said less than one percent of laundered wealth is recovered, leaving 99 percent unaddressed.
Kant spoke at the closing of the 43rd International Symposium on Economic Crime, described as being in London and at the University of Cambridge.
He said India addresses economic crime through laws, institutions and judicial doctrine, including the Prevention of Money Laundering Act and the Fugitive Economic Offenders Act.
He said Indian courts have acted against digital arrest scams and intervened over alleged misuse of money-laundering procedures while protecting due process.
- Who
- Chief Justice of India Surya Kant and the Indian judiciary.
- What
- Surya Kant warned about the scale of global money laundering, low recovery rates and the need to fight economic crime while protecting due process.
- Where
- The articles describe the event as taking place in London; one report identifies the University of Cambridge as the venue.
- When
- At the symposium’s closing address on Saturday.
- Why
- To emphasize the scale of economic crime and call for vigilance, international cooperation and rule-of-law responses.
Enforcement and Proactive Action
Due Process and Judicial Oversight
Responding to emerging fraud
Enforcement and Proactive Action
Kant said Indian courts proactively addressed digital arrest scams rather than waiting for Parliament to legislate specifically on them.
Due Process and Judicial Oversight
The response must remain grounded in the rule of law and established judicial safeguards.
Use of money-laundering procedures
Enforcement and Proactive Action
India uses the Prevention of Money Laundering Act, the Fugitive Economic Offenders Act, institutions and judicial doctrine to combat economic crime.
Due Process and Judicial Oversight
Individuals have alleged misuse of the Prevention of Money Laundering Act process, including arrests without articulated reasons and custody extending beyond what the facts justified; Kant said the judiciary intervened in such cases.
Arrest protections
Enforcement and Proactive Action
Investigators require effective tools to pursue illicit wealth and economic offenders.
Due Process and Judicial Oversight
The Supreme Court insists that grounds for arrest be provided in writing and that due process and the presumption of innocence guide judicial decisions.
Key facts
- Speaker
- Chief Justice of India Surya Kant
- Event
- 43rd International Symposium on Economic Crime
- Money-laundering estimate
- One year’s global money laundering could buy a modest laptop for each of the world’s eight billion people, with money left over.
- Recovery rate
- Kant said less than one percent of illicit wealth is recovered, with 99 percent unaddressed.
- Indian laws cited
- Prevention of Money Laundering Act, 2002, and Fugitive Economic Offenders Act, 2018.
- Fraud scheme
- Digital arrest scams
- Judicial safeguard
- The Supreme Court has held that grounds for arrest must be provided to accused people in writing.
Quotes
Surya Kant
Chief Justice of India speaking at the International Symposium on Economic Crime
“As of today, if the global estimates on money laundering are even roughly right, the world launders enough money in a single year to buy every one of the eight billion people alive on the planet today a modest laptop, and still have some change left”
NDTV
“Let this symposium's answer be that vigilance, cooperation and the rule of law thwart fraudulence in equal and, I hope, escalating measures.”
NDTV
Sources
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