'Year’s Laundered Money Can Buy Laptop For Everyone On Earth': CJI Surya Kant
Money laundered across the world in a single year could buy a modest laptop for every person on Earth and still leave some money to spare, Chief Justice of India Surya Kant has said, underlining the enormous scale of illicit wealth and the difficulty authorities face in recovering it. Speaking at the 43rd International Symposium on Economic Crime at the University of Cambridge, Chief Justice Kant…
According to Chief Justice of India Surya Kant, the amount of money laundered globally in a single year could purchase a laptop for every person on Earth - eight billion individuals - and still leave some funds remaining. Speaking at the 43rd International Symposium on Economic Crime at the University of Cambridge, Kant emphasized the staggering scale of illicit wealth and the challenges authorities face in recovering it.
Kant highlighted India's proactive approach to combating financial crime, stating that the judiciary has been tackling emerging frauds promptly, rather than waiting for legislative changes. However, he also pointed out that only a fraction of the illicit wealth - less than one in a hundred - is ever recovered. Kant noted that while 99 parts of this wealth are merely discussed in speeches and reports, only one part is actually addressed.
Turning to India's response, Kant explained that the country's fight against economic crime is not a single, unified system but rather a layered framework developed over decades. This includes legislation, institutions, and judicial doctrine each playing distinct roles. He cited the Prevention of Money Laundering Act (PMLA) of 2002 and the Fugitive Economic Offenders Act of 2018 as key components of India's anti-money laundering system.
Kant acknowledged concerns over the effectiveness of these mechanisms, noting that numerous individuals have alleged misuse of the PMLA process, including accusations of arrests without clear reasons and extended custody periods that do not align with the evidence. The judiciary has intervened in these cases to correct the situation, maintaining its commitment to upholding due process and the presumption of innocence.
The Chief Justice stressed that while strong enforcement against financial crimes may be necessary, it must not come at the expense of established legal safeguards. He also noted that despite sovereignty protecting domestic legal structures, illicit wealth and economic crime transcend national borders, underscoring the need for international cooperation to combat this issue. Kant concluded by urging vigilance, collaboration, and adherence to the rule of law to effectively combat financial crime.
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