{"id":6673,"date":"2024-02-22T12:26:46","date_gmt":"2024-02-22T12:26:46","guid":{"rendered":"https:\/\/www.caindelhiindia.com\/blog\/?p=6673"},"modified":"2024-02-22T12:30:09","modified_gmt":"2024-02-22T12:30:09","slug":"fiu-ind","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/fiu-ind\/","title":{"rendered":"Overview of Financial Intelligence Unit &#8211; India (FIU-IND)"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-6675\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/02\/Financial-Intelligence-Unit-India-FIU-IND.jpg\" alt=\"Financial Intelligence Unit - India (FIU-IND)\" width=\"888\" height=\"467\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/02\/Financial-Intelligence-Unit-India-FIU-IND.jpg 310w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/02\/Financial-Intelligence-Unit-India-FIU-IND-300x158.jpg 300w\" sizes=\"(max-width: 888px) 100vw, 888px\" \/><\/h2>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e6e9e736128\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e6e9e736128\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/fiu-ind\/#Introduction_of_Financial_Intelligence_Unit_%E2%80%93_India_FIU-IND\" title=\"Introduction of Financial Intelligence Unit &#8211; India (FIU-IND)\u00a0\">Introduction of Financial Intelligence Unit &#8211; India (FIU-IND)\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/fiu-ind\/#The_Basic_functions_of_Financial_Intelligence_Unit_%E2%80%93_India_FIU-IND_are\" title=\"The Basic functions of Financial Intelligence Unit &#8211; India (FIU-IND) are:\">The Basic functions of Financial Intelligence Unit &#8211; India (FIU-IND) are:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/fiu-ind\/#Constitution_of_Financial_Intelligence_Unit_%E2%80%93_India_FIU-IND\" title=\"Constitution of Financial Intelligence Unit &#8211; India (FIU-IND)\u00a0\">Constitution of Financial Intelligence Unit &#8211; India (FIU-IND)\u00a0<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/fiu-ind\/#An_example_of_information_collection_by_FIU\" title=\"An example of information collection by FIU:\">An example of information collection by FIU:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Introduction_of_Financial_Intelligence_Unit_%E2%80%93_India_FIU-IND\"><\/span><span style=\"color: #000080;\"><strong>Introduction of Financial Intelligence Unit &#8211; India (FIU-IND)\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>FIU (Financial Intelligence Unit) is the central, national agency responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions to enforcement agencies and foreign FIUs. Financial Intelligence Unit involved in the receipt, analysis and dissemination of financial intelligence as per the mandate assigned under the PMLA international standards delineated by the Financial Action Task Force &amp; Egmont Group<\/p>\n<ol>\n<li>Government of India set Financial Intelligence unit on 18<sup>th<\/sup> of November 2004. FIU is a member of the Egmont Group (The Egmont Group is a united body of 170 Financial Intelligence Units). The Egmont Group facilitates and prompts the exchange of information, knowledge, and cooperation amongst\u00a0member FIUs to combat money laundering and terrorist financing<\/li>\n<li>Another responsibility of the Financial Intelligence Unit is to strengthen and facilitate of national and international intelligence, investigation, and enforcement agencies and to help in pursuit of counter against money laundering and other related financial crimes.<\/li>\n<li>Financial Intelligence unit is an independent body reporting directly to the Economic Intelligence Council headed by the finance minister<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"The_Basic_functions_of_Financial_Intelligence_Unit_%E2%80%93_India_FIU-IND_are\"><\/span><span style=\"color: #000080;\"><strong>The Basic functions of Financial Intelligence Unit &#8211; India (FIU-IND) are:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Main functions of Financial Intelligence Unit are: Compliance, Financial Intelligence, How FIU Collects information; Analyze; International cooperation; Suspicious transaction reports, Combat money laundering; Collection of information; Compiles reports; Egmont group plenary meetings; Regulatory intelligence and reporting; Ongoing monitoring; Sharing information with other domestic agencies<\/p>\n<ol>\n<li><span style=\"color: #000080;\"><strong>Information Collection:<\/strong><\/span>\u00a0FIU is the nodal agency for receiving the reports such as receiving Cash Transaction reports (CTRs), Reports on Purchase or Sale of Immovable Property, Cross Border Wire Transfer Reports, and Suspicious Transaction Reports from various reporting entities.<\/li>\n<li><span style=\"color: #000080;\"><strong>Analysis of Information:\u00a0<\/strong><\/span>To analyze the information received to find the patterns in the transactions to check if there is anything suspicious regarding money laundering and other financial crimes.<\/li>\n<li><span style=\"color: #000080;\"><strong>Information sharing:<\/strong><\/span> To Share the relevant information with respective relevant entities such as law enforcement agencies, national regulatory authorities or National intelligence &amp; foreign Financial Intelligence Units as per requirement raised.<\/li>\n<\/ol>\n<ol start=\"4\">\n<li><span style=\"color: #000080;\"><strong>Coordination:<\/strong><\/span> Integrate &amp; Improve procuration and sharing of financial intelligence via an effective &amp; efficient national, regional and global network to combat money laundering and related financial crimes.<\/li>\n<li><span style=\"color: #000080;\"><strong>Financial Intelligence Unit Act as Central Repository:<\/strong><\/span> Substantiate &amp; Store national data base on cash transactions and suspicious transactions on the basis of reports received from reporting entities.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Constitution_of_Financial_Intelligence_Unit_%E2%80%93_India_FIU-IND\"><\/span><span style=\"color: #000080;\"><strong>Constitution of Financial Intelligence Unit &#8211; India (FIU-IND)\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><span style=\"color: #000080;\">The Financial Intelligence Unit<\/span> is a multidisciplinary body have sanctioned strength of 74 Members from different Govt Dept\u2019s.<\/li>\n<li>The members are inducted from organizations such CBDT, CBIC, RBI, SEBI, Department of Legal Affairs and Other Intelligence entities.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"An_example_of_information_collection_by_FIU\"><\/span><span style=\"color: #000080;\"><strong>An example of information collection by FIU:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>As per the RBI guidelines, Financial entities are required to file NTR for transactions exceeding INR 10 lakh (in foreign currency) in a single day for Non Profit Organisations. The Basic Objective of Non Profit Organisation Transaction Report\u2019s is to help Financial Intelligence Unit detect &amp; prevent money laundering, terrorism financing, and other illegal activities that may be carried out with the help of Non Profit Organisations.<\/li>\n<li>Financial Intelligence Unit collects: Contact information \u2013 home and business addresses, phone numbers, email addresses, and social media contact information. Demographic information \u2013 names, titles, gender, birth and death dates, and ethnicity.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Introduction of Financial Intelligence Unit &#8211; India (FIU-IND)\u00a0 FIU (Financial Intelligence Unit) is the central, national agency responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions to enforcement agencies and foreign FIUs. Financial Intelligence Unit involved in the receipt, analysis and dissemination of financial intelligence as per the mandate assigned under &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[847],"tags":[1043,1044],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/6673"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=6673"}],"version-history":[{"count":3,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/6673\/revisions"}],"predecessor-version":[{"id":6677,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/6673\/revisions\/6677"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=6673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=6673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=6673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}