Egmont Group admits Financial Intelligence Unit-India as member

By Staff
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Google Oneindia News

New Delhi, June 18 (UNI) In a major step forward in the country's fight against terror financing and money laundering, Financial Intelligence Unit-India (FIU-IND) has been admitted as a member of the Egmont Group at its recent Plenary Session at Hamilton, Bermuda.

Membership has been granted to FIU-IND after verification of its operational status by the Egmont Group and on being satisfied with legal position and ability of FIU-IND to share information with foreign FIUs, the Ministry of Finance said in a statement here today.

Apart from meeting an important requirement of the Financial Action Task Force (FATF), Membership of the Egmont Group will facilitate and enhance exchange of information by FIU-IND with its counterpart FIUs.

The Egmont Group is the international organisation for stimulating cooperation amongst FIUs across the globe and has FIUs of more than 100 countries as its members.

Admission of FIU-IND as a member of the Egmont Group is a major step forward in India joining the international community in its fight against money laundering and terrorism financing, the statement said.

India has enacted the Prevention of Money Laundering Act, 2002 (PMLA) which has been brought into force from July 1, 2005.

FIU-IND has also been set up to receive information relating to large cash and suspicious transactions under PMLA from various entities in financial sector and disseminate information in appropriate cases to relevant intelligence/law enforcement agencies.

It has, till now, received more than 27 lakh Cash Transaction Reports and more than 1,100 Suspicious Transaction Reports from various entities in the financial sector.

FIU-IND is also authorised to share information relating to suspect financial transactions with its counterpart FIUs, the statement added.

UNI

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