Financial Intelligence Units in India: A Force to Be Reckoned With

Strengthening Financial Intelligence Capabilities

In a bid to enhance its financial intelligence capabilities, the Financial Intelligence Unit-India (FIU-IND) has been actively seeking out top talent through various recruitment notices. The unit is responsible for collecting and analyzing financial data to combat money laundering and terrorist financing.

Recent Recruitment Efforts

• The FIU-IND has issued numerous notifications for consultants, analysts, and other positions on a contract basis.
• The unit is also filling up various positions on deputation basis, including:
  • Group B posts such as private secretary, Additional Director/Joint Director, and Deputy Director
  • Group C posts

Improved Reporting Portal and Registration Processes

The FIU-IND has revamped its reporting portal, FINex, to facilitate easier submission of reports by law enforcement agencies (LEAs). Additionally, the unit has introduced new registration processes for:

• Trust and company service providers
• Virtual digital asset service providers

Enhancing Due Process

The FIU-IND has implemented a personal hearing policy to ensure that individuals who are required to appear before the unit for inquiry or investigation are given due process.

List of Non-Compliant NBFCs

The FIU-IND has published a list of non-compliant non-banking financial companies (NBFCs) as on September 19, 2022, which is aimed at bringing these entities in compliance with relevant regulations.

Conclusion

These developments demonstrate the FIU-IND’s commitment to enhancing its capabilities and ensuring effective implementation of financial intelligence measures in India. With its robust infrastructure and skilled workforce, the unit is well-equipped to tackle complex financial crimes and prevent illegal activities from flourishing in the country.