Financial Intelligence Unit – India (FIU-IND) was set by the Government of India vide O.M. dated 18th November 2004 as the Central National Agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.
Financial Intelligence Unit (FIU) is tasked with checking suspicious bank and cash transactions.
FIU is also responsible for coordinating and strengthening efforts of national and international intelligence, investigation and enforcement agencies in pursuing the global efforts against money laundering and related crimes.
FIU is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.
Functions of FIU :
The main function of FIU is to receive cash/suspicious transaction reports, analyse them and, as appropriate, disseminate valuable financial information to intelligence/enforcement agencies and regulatory authorities . The functions of FIU are:
1. Collection of Information : Act as the central reception point for receiving Cash Transaction reports (CTRs), Cross Border Wire Transfer Reports (CBWTRs), Reports on Purchase or Sale of Immovable Property (IPRs) and Suspicious Transaction Reports (STRs) from various reporting entities.
2. Analysis of Information : Analyze received information in order to uncover patterns of transactions suggesting suspicion of money laundering and related crimes.
3. Sharing of Information : Share information with national intelligence/law enforcement agencies, national regulatory authorities and foreign Financial Intelligence Units.
4. Act as Central Repository : Establish and maintain national data base on cash transactions and suspicious transactions on the basis of reports received from reporting entities.
5. Coordination : Coordinate and strengthen collection and sharing of financial intelligence through an effective national, regional and global network to combat money laundering and related crimes.
6. Research and Analysis : Monitor and identify strategic key areas on money laundering trends, typologies and developments.
Director of FIU :
Shri Pankaj Kumar Mishra IRS joined as Director, Financial Intelligence Unit (FIU-IND) w.e.f. 7th June, 2016. He is a 1989 batch Indian Revenue Service Officer of Income Tax Cadre (IRS IT).
Organization Strength :
Financial Intelligence Unit is a multi disciplinary body with a sanctioned strength of 74 personnel. These are being inducted from different organizations namely Central Board of Indirect Taxes & Customs (CBIC), Central Board of Direct Taxes (CBDT), Reserve Bank of India (RBI), Securities Exchange Board of India (SEBI), Department of Legal Affairs and Intelligence agencies. The distribution of sanctioned strength is as under:
To provide quality financial intelligence for safeguarding the financial system from the abuses of money laundering, terrorism financing and other economic offences.
To become a highly agile and trusted organization that is globally recognized as an efficient and effective Financial Intelligence Unit.
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