Financial Crime World

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Financial Intelligence Units in India: A Central Agency for Combating Money Laundering and Terrorism

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The Financial Intelligence Unit – India (FIU-IND) was established by the Government of India on November 18, 2004, as the central national agency responsible for receiving, processing, analyzing, and disseminating information related to suspect financial transactions. As an independent body reporting directly to the Economic Intelligence Council (EIC), headed by the Finance Minister, FIU-IND plays a crucial role in coordinating and strengthening efforts of national and international intelligence, investigation, and enforcement agencies in pursuing global efforts against money laundering and financing of terrorism.

Key Functions

FIU-IND’s primary function is to receive cash/suspicious transaction reports, analyze them, and disseminate valuable financial information to intelligence/enforcement agencies and regulatory authorities. The unit’s functions include:

  • Collection of Information: FIU-IND receives various types of reports from reporting entities, including:
    • Cash Transaction Reports (CTRs)
    • Non-Profit Organisation Transaction Report (NTRs)
    • Cross Border Wire Transfer Reports (CBWTRs)
    • Reports on Purchase or Sale of Immovable Property (IPRs)
    • Suspicious Transaction Reports (STRs)
  • Analysis of Information: FIU-IND analyzes received information to uncover patterns of transactions suggesting suspicion of money laundering and related crimes.
  • Sharing of Information: The unit shares information with:
    • National intelligence/law enforcement agencies
    • National regulatory authorities
    • Foreign Financial Intelligence Units
  • Act as Central Repository: FIU-IND establishes and maintains a national database based on reports received from reporting entities.
  • Coordination: FIU-IND 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: The unit monitors and identifies strategic key areas on money laundering trends, typologies, and developments.

Organization Strength

FIU-IND is a multidisciplinary body with a sanctioned strength of 75 personnel, inducted from various organizations including:

  • Central Board of Direct Taxes (CBDT)
  • Central Board of Excise and Customs (CBEC)
  • Reserve Bank of India (RBI)
  • Securities Exchange Board of India (SEBI)
  • Department of Legal Affairs
  • Intelligence agencies

The distribution of sanctioned strength is as follows:

  • 1 Director
  • 10 Additional Directors/Joint Directors
  • 1 Technical Director
  • 2 Deputy Directors/Assistant Directors
  • 21 Assistant Directors
  • 6 Assistant Directors (Systems)
  • 2 Section Officers
  • 1 Private Secretary
  • 10 Personal Assistants
  • 4 Technical Assistants
  • 2 Assistants
  • 3 Data Entry Operators
  • 3 Upper Division Clerks
  • 1 Lower Division Clerk
  • 4 Peons
  • 2 Messengers

With a strong and diverse team, FIU-IND is well-equipped to effectively combat money laundering and related crimes in India.