CS Professional Capital Commodity & Money Market
- Financial Intelligence Unit – India (FIU- IND)
Financial Intelligence Unit – India (FIU- IND)
Financial Intelligence Unit – India (FIU – IND) is the central national agency for receiving, processing, analyzing, and dissemination of information relating to suspect financial transactions. Coordinating and strengthening the efforts of national and international intelligence, investigation and enforcement agencies in combating money laundering, associate predicate offenses and terrorist financing is also the responsibility of FIU – IND. It is an independent body reporting to the Economic Intelligence Council (EIC) headed by the Finance Minister.
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Functions of FIU – IND
Financial Intelligence Unit – India (FIU – IND) has a main function of receiving cash / suspicious transactions reports, and then to analyze them and as it considers appropriate, disseminate the valuable financial information to intelligence/ enforcement agencies and also to the regulatory authorities. The main functions of FIU – IND are as follows:
- Collection of Information: Receiving Cash Transaction reports (CTRs) and Suspicious Transaction Reports (STRs) from various reporting entities is the responsibility of FIU – IND and it can be said that FIU – IND acts as the central reception point for these activities.
- Analysis of Information: To analyze the received information and the purpose is to uncover patterns of transactions suggesting a suspicion of money laundering and related crimes.
- Sharing of Information: FIU – IND also shares the information with national intelligence/law enforcement agencies, national regulatory authorities, and foreign Financial Intelligence Units as found after analyzing the information.
- Act as Central Repository: It also establishes and maintains the national database on cash transactions and the suspicious transactions on the basis of the reports received from the reporting entities.
- Coordination: It coordinates and strengthens the collection and sharing of financial intelligence through an effective national, regional and global network to combat the problem of money laundering and related crimes.
- Research & Analysis: It also monitors and identifies the strategic key areas on money laundering trends, typologies, and developments.
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