Financial Intelligence Unit–India

SEO Title: Financial Intelligence Unit–India (FIU-IND): Functions, PMLA, Money Laundering and Key Facts

Category: Economy | Financial Security | Internal Security | Government Institutions

UPSC Notes

Financial Intelligence Unit–India (FIU-IND) is the central national agency responsible for receiving and analysing financial information relating to suspected financial transactions and disseminating intelligence concerning financial crimes.

Key Pointers

• Established in 2004.

• Headquarters: New Delhi.

• Works under the Department of Revenue, Ministry of Finance.

• Primary law: Prevention of Money Laundering Act, 2002 (PMLA).

• Receives financial transaction reports from reporting entities.

• Key reports include:

  • Suspicious Transaction Reports (STRs)

  • Cash Transaction Reports (CTRs)

• Analyses financial information to identify possible:

  • Money laundering

  • Terror financing

  • Other financial crimes

• Shares relevant financial intelligence with enforcement and investigative agencies.

• India is a member of the Egmont Group, an international network of Financial Intelligence Units.

Prelims Focus: FIU-IND → Ministry of Finance → PMLA → STR → CTR → Egmont Group.

Quick Revision Table