Black money threat to global peace, says Modi

Ill-gotten wealth may fund terror, fears PM

Prime Minister Narendra Modi on Friday said black money could pose a threat to global peace, as illegally accumulated wealth could not only be used to fund terrorism, but also be pumped into the narcotics trade.

“The menace of black money has the potential to destabilise world peace and harmony. Black money brings with it terrorism, money laundering and narcotics trade,” he wrote in a blog post during his recent nine-day tour to Myanmar, Australia and Fiji, from which he returned on Wednesday. 

The prime minister raised had the issue in the G20 summit at Brisbane last week, calling for concerted global action to combat the menace.

“At the summit, India placed the issue of existence and repatriation of black money at the forefront of the world community. I am glad that the world community took note of it because this issue does not affect one nation selectively,” he wrote in the post on Friday.

“As democracies firmly commit to the rule of law, it becomes our obligation to collectively fight this evil, and there was no better occasion than the G20 to raise this. Our efforts paid off with the official communiqué reflecting this issue.”

Modi recalled his addresses to the Parliaments of Australia and Fiji during his visits to Canberra and Suva. He noted that both addresses were a first for any Indian premier. His address to the Fijian Parliament was the first by any world leader. “This is not a personal achievement, but a reflection on the respect that the 125 crore people of India have in the eyes of the global community,” he wrote. Apart from attending the G20 summit, Prime Minister also visited Sydney and Melbourne in addition to capital Canberra.

“In the case of Australia, this was the first bilateral visit by an Indian prime minister in 28 years. Fiji witnessed such a visit almost 33 years ago. On one hand, the IT and communication revolution brought the world closer, but on the other hand we could not reach the shores of these two countries—each important in its own way—for almost three decades,” wrote Modi, adding: “I thought this must change.”Modi attended five summits and met 38 world leaders during his nine-day tour, including one with leaders of the Pacific Islands nations that he hosted in Fiji.