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Financial Intelligence Unit-India (FIU-IND)

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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