BRICS grouping eyes mechanism for extradition of economic fugitives

Source: Times of India | Original Published At: 2026-09-12 21:09:00 UTC

Key Points

• BRICS nations reaffirmed their commitment to identify, detect and disrupt money-laundering schemes and strengthen digital financial security, including prevention of fraud in cross-border payment systems.
• For the first time, the grouping emphasised putting in place a mechanism to extradite fugitives from each other's countries and initiate steps for asset recovery from such criminals.
• BRICS welcomed the establishment of a BRICS Expert Network on Asset Recovery and a BRICS repository on informal cooperation for tracing fugitive offenders sought for corruption and supporting extradition.
• Member nations pledged to promote cooperation in preventing and combating corruption and to continue implementing relevant international agreements, particularly the UN Convention against Corruption.
• The declaration expressed concern over illicit financial flows, including financing of terrorism, trafficking of firearms and people, laundering of drug-related crime proceeds and criminal use of communication technologies.
• BRICS highlighted the adverse impact of cryptocurrencies and other virtual assets on economic stability, sustainable development and the integrity of the international financial system.
• The grouping expressed serious concern over organised scam networks and cross-border fraud operations exploiting digital technologies and payment systems, without naming specific countries.