Financial Intelligence Unit—India
Appearance
वित्तीय आसूचना एकक — भारत | |
Department of Revenue | |
Website | fiuindia |
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Financial Intelligence Unit—India (FIU-IND) is an organisation under the
Department of Revenue, Government of India which collects financial intelligence about offences[1] under the Prevention of Money Laundering Act, 2002. It was set up in November 2004 and reports directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.[2]
Functions
The functions of FIU-IND are:[2]
- Collection of Information: FIU-IND is the nodal agency for receiving the following reports from various reporting entities.
- Cash Transaction reports (CTRs)
- Non-Profit Organisation Transaction Reports (NTRs)
- Cross Border Wire Transfer Reports (CBWTRs)
- Reports on Purchase or Sale of Immovable Property (IPRs)
- Suspicious Transaction Reports (STRs)
- Analysis of Information: to uncover patterns of transactions suggesting suspicion of money laundering and related crimes.
- Sharing of Information: with national intelligence/law enforcement agencies, national regulatory authorities and foreign Financial Intelligence Units.
- Act as Central Repository: to maintain the national data base on the basis of reports received from reporting entities.
- Coordination: Coordinate and strengthen collection and sharing of financial intelligence through an effective national, regional and global network to combat money laundering and related crimes.
- Research and Analysis: Monitor and identify strategic key areas on money laundering trends, typologies and developments.
- Punitive Action: The agency can also take punitive action for violations of the PMLA. In December 2020, it imposed a fine of Rs. 96 lakh (9,600,000) on PayPal.[3]
Organisation
The agency has a sanctioned strength of 75 staff, drawn on deputation from
Intelligence agencies.[2] It is headed by a Director, in the rank of Joint Secretary. Current Director is Pankaj Kumar Mishra, IRS-IT (1989), appointed in May 2016 for a five year term.[4][5] He was promoted to Additional Secretary in May 2020, as a personal measure, with temporary upgradation of the post.[6][7]
References
- ^ Scheduled Offences under the PMLA, from FIU-IND website
- ^ a b c About FIU-IND, from official website This article incorporates text from this source, which is in the public domain.
- ^ India’s Financial Intelligence Unit fines PayPal Rs 96 lakh for ‘violating anti-money laundering law’, The Print, 20 December 2020
- ^ Babus rejig: Pankaj Kumar Mishra appointed Financial Intelligence Unit chief, The Economic Times, 30 May 2016
- ^ ACC Appointments, Press Information Bureau, 30 May 2016, archived copy
- ^ 5 Additional Secretary Appointments, Indian Bureaucracy, 20 May 2020, archived copy
- ^ Major bureaucratic reshuffle effected at Secretary, AS & JS level, Indian Mandarins, 12 May 2020, archived copy