Finance Minister Nirmala Sitharaman on Monday said that customs authorities across the globe should share “actionable” information among themselves to curb the network of illicit trade which is hurting the global economy.
She added that there is a need for intergovernmental cooperation to crack the masterminds behind smuggling networks else authorities will be able to catch small fishes only.
“I place a lot of emphasis on intergovernmental coop, along with WCO (World Customs Organisation), so that we are able to crack the brains behind it (smuggling), the masterminds behind it, with the help from local authorities and governments,” Sitharaman said in her address at Global Conference on Cooperation in Enforcement Matters.
The conference organised by the Directorate of Revenue Intelligence, aims at creating an information network and share information to block the international chain of illicit trade.
She added that exchange of information and global cooperation was one of the issues discussed during India’s G20 presidency and she proposed that global enforcement agencies must meet once in a year to discuss among themselves the measures to handle it.
“Networked groups think that small fries can be sacrificed, police or customs authorities can catch hold of this small fish, the larger fish, which is the brain behind, is never going to be caught,” Sitharaman added.
Sitharaman also said that the nature of smuggled or illegally traded goods has not changed over the last 50-60 years and it continues to be precious metals, narcotics, precious reserves from forest or marine life.
“So largely the goods which are illegally traded remain the same. There are no newer areas on which the customs authorities are baffled. If this is the way it is showing a trend over the decade, by now most of us should be fairly informed of who are the forces behind it.
