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Financial Intelligence Unit-India (FIU-IND)

Santhosh Kumar 30/12/2023
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Financial Intelligence Unit-India (FIU-IND) mind map Recent News Compliance Show Cause Notices Issued to Nine VDA SPs Date 28 Dec 2023 Reason Non-compliance with PML Act Written to Ministry of Electronics and IT To Block URLs Of Non-Compliant Entities Virtual Digital Assets Service Providers Included in AML-CFT Framework Since March 2023 Required Registrations 31 VDAs Registered Till Date Several Offshore Entities Non-Compliant When Established in 2004 Why Combat Money Laundering Counter Financing of Terrorism What Functions Receive, Process, Analyze Disseminate Financial Information Proceeds of Crime Financial Terrorism Responsibilities National and International Coordination Enforcement Agency Collaboration Compliance With PMLA, 2002 Aligns with FATF Standards Membership Egmont Group Since 2007 FATF Member FSRBs Asia Pacific Group Eurasian Group Vision and Goals Combat Economic Offences Strengthen Organizational Capacity Enhance Domestic, International Cooperation Reporting Obligations Under PMLA, 2002 Where India International Collaboration Who FIU-IND Structure Multidisciplinary Body 75 Sanctioned Staff Staff from Various Organizations CBDT, CBEC, RBI, SEBI, Legal Affairs Director-Led Equivalent to Additional Secretary Economic Intelligence Council Headed by Finance Minister How Processes Receiving Various Reports CSTR, CTRs, NTRs, CBWTRs, IPRs, STRs Analyzing Transaction Patterns Sharing Information With National, International Agencies Monitoring Money Laundering Trends Key Strategic Areas Significance Safeguarding Financial System Preventing Abuse of Economic Systems

The Financial Intelligence Unit-India (FIU-IND) is a statutory body set up by the Government of India in 2004. It functions as the central national agency responsible for receiving, analyzing, and disseminating information about suspect financial transactions. FIU-IND is crucial in the fight against money laundering and terrorist financing. It operates under the directives of the Prevention of Money Laundering Act (PMLA) of 2002 and aligns with international standards set by bodies like the Financial Action Task Force (FATF). Recently, FIU-IND has been actively issuing compliance notices to offshore Virtual Digital Assets Service Providers for not adhering to the regulations of the PML Act.

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