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.
- 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) 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.
