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Info-pedia / 01 Mar 2024

Info Pedia : Financial Intelligence Unit-India (FIU-IND)


About the Financial Intelligence Unit India (FIU-IND):

  • Established by the Government of India in 2004 to handle suspect financial transactions.
  • Independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.

Constitution of FIU-IND:

  • Multidisciplinary body with 74 members from various government departments.
  • Members include representatives from Central Board of Direct Taxes (CBDT), Central Board of Excise and Customs (CBEC), Reserve Bank of India (RBI), Securities Exchange Board of India (SEBI), and intelligence agencies.

Functions of FIU-IND:

  • Collection of Information: Receives reports such as Cash Transaction reports, Suspicious Transaction Reports, etc., from reporting entities.
  •  Analysis of Information: Analyzes received data to uncover patterns suggesting money laundering or related crimes.
  • Sharing of Information: Shares information with national and international intelligence and law enforcement agencies.
  • Act as Central Repository: Maintains a national database of cash transactions and suspicious transactions.