Context:
FIU-IND and RBI sign MoU for enhanced coordination and information exchange.
Financial Intelligence Unit – India (FIU-IND):
- Establishment – Set up by the Government of India in 2004.
- An independent body reporting directly to the Economic Intelligence Council (EIC), headed by the Finance Minister.
- Purpose – Central national agency for combating money laundering and terrorism financing.
- Functions –
- Collection of Information – Receives various reports like Cash Transaction Reports (CTRs), Suspicious Transaction Reports (STRs), Cross Border Wire Transfer Reports (CBWTRs), Non-Profit Organisation Transaction Reports (NTRs) and Reports on Purchase or Sale of Immovable Property (IPRs).
- Analysis of Information – Analyses data to uncover patterns of suspicious transactions.
- Sharing of Information – Disseminates information to National intelligence and law enforcement agencies, National regulatory authorities and Foreign Financial Intelligence Units.
- Central Repository – Maintains a national database of financial intelligence.
- Coordination – Strengthens efforts at national, regional, and global levels to combat money laundering and related crimes.
- Research and Analysis – Monitors trends and typologies in money laundering.
Source: PIB
Previous Year Question
‘Global Financial Stability Report’ is prepared by the:
[UPSC Civil Service Exam – 2016 Prelims]
(a) European Central Bank
(b) International Monetary Fund
(c) International Bank for Reconstruction and Development
(d) Organisation for Economic Cooperation and Development
Answer: (b)