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| What is a Financial Intelligence Unit? |
A financial intelligence unit (FIU) is a central agency of a government that
- receives financial information pursuant to country's anti-money laundering laws
- analyzes and processes such information and
- disseminates the information to appropriate national and international authorities, to support efforts for anti-money laundering and combating financing of terrorism
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| What is
the main function of FIU-IND? |
FIU-IND is the central national agency of India responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions. FIU-IND is also responsible for coordinating and strengthening efforts of national and international intelligence, investigation and enforcement agencies in pursuing the the global efforts against money laundering,related crimes and terrorist financing.
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| Is FIU-IND another regulatory
authority? |
No. FIU-IND is not a regulatory
authority. Its prime responsibility is to gather and share financial intelligence in close cooperation with the
regulatory authorities including RBI, SEBI and IRDA.
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| What will FIU-IND do with the information received by it? |
FIU-IND will process and analyze received financial information
and disseminate actionable intelligence in appropriate cases to relevant enforcement agencies.
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| How do FIUs exchange information with each other? |
FIUs exchange information with other FIUs on the basis of reciprocity or mutual agreement consistent with procedures understood by the requested and requesting party. An FIU requesting information should disclose to the FIU that will process the request at a minimum, the reason for the request, the purpose for which the information will be used and enough information to enable the receiving FIU to determine whether the request complies with its domestic law.
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