Financial Intelligence Unit

About Financial Intelligence Unit:

• It was set up by the Government of India in November 2004.
• It is the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.
• It is also responsible for coordinating and strengthening efforts of national and international intelligence, investigation and enforcement agencies in pursuing global efforts against money laundering and financing of terrorism.
• It is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Union Finance Minister.
• Functions:
  • Collection of Information: Act as the central reception point for receiving Cash Transaction reports (CTRs), Non-Profit Organisation Transaction Reports (NTRs), Cross Border Wire Transfer Reports (CBWTRs), Reports on the Purchase or Sale of Immovable Property (IPRs) and Suspicious Transaction Reports (STRs) from various reporting entities.
  • Analysis of Information: Analyze received information to uncover patterns of transactions suggesting suspicion of money laundering and related crimes.
  • Sharing of Information: Share information with national intelligence/law enforcement agencies, national regulatory authorities and foreign Financial Intelligence Units.
  • Act as Central Repository: Establish and maintain a national database based on reports received from reporting entities.
  • Coordination: Coordinate and strengthen the 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.