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Cabinet nod for forming Financial Intelligence Unit

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New Delhi , Nov. 12

IN a move to prevent and combat money laundering and related crimes, the Union Cabinet on Thursday approved the setting up of a Financial Intelligence Unit, India (FIU-IND).

FIU-IND will co-ordinate and support the efforts of national and international intelligence, investigation and enforcement agencies in pursuing global efforts against money laundering and related crimes.

The unit will be the central national agency responsible for receiving, processing, analysing and disseminating information related to suspect financial transactions to these agencies that shall protect the information against misuse, an official statement says.

FIU-IND will be headed by a Director, who is to be a Joint Secretary level officer. It will be an independent unit of the Central Economic Intelligence Bureau.

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