Financial Intelligence Unit-India

Financial Intelligence Unit-India Latest News

Recently, the Department of Telecommunications (DoT) and the Financial Intelligence Unit-India (FIU-IND) signed a comprehensive Memorandum of Understanding (MoU) to enhance data sharing and inter-agency coordination.

About Financial Intelligence Unit-India

• It was set by the Government of India in 2004.
• It is the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.
• FIU-IND is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.  

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Function of Financial Intelligence Unit-India

• Collection of Information: It acts as the central reception point for receiving Cash Transaction reports (CTRs), Non-Profit Organisation Transaction Report(NTRs), Cross Border Wire Transfer Reports (CBWTRs), Reports on Purchase or Sale of Immovable Property (IPRs) and Suspicious Transaction Reports (STRs) from various reporting entities.
• Analysis of Information: Analyze received information in order to uncover patterns of transactions suggesting suspicion of money laundering and related crimes.
• Sharing of Information: It shares information with national intelligence/law enforcement agencies, national regulatory authorities and foreign Financial Intelligence Units.
  Central Repository: It establishes and maintains a national database on the basis of reports received from reporting entities.
• Coordination: It coordinates and strengthens collection and sharing of financial intelligence through an effective national, regional and global network to combat money laundering and related crimes.
  
• Research and Analysis: Monitor and identify strategic key areas on money laundering trends, typologies and developments.

Source: DD News