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Our Bureau

Cabinet nod for exchange of info

New Delhi March 29 India would soon enhance its participation in the global fight against money laundering, with the Union Cabinet allowing the Financial Intelligence Unit (FIU-IND) to exchange information on money-laundering activities with its overseas counterparts.

FIU-IND, which was established in 2004, is the country's central agency that collects and disseminates information on suspicious or unusual financial transactions. The Union Cabinet on Thursday gave its nod to a proposal to allow FIU-IND to sign memorandum of understanding (MoU) with FIUs of foreign countries.

The Information and Broadcasting Minister, Mr Priyaranjan Dasmunshi, told reporters after a Union Cabinet meeting that most foreign FIUs require an MoU with the Indian counterpart before they could share information on money-laundering activities.

"The Cabinet's decision would enable FIU-IND to share information with foreign FIUs wherever considered necessary and reciprocally to obtain information from them on money-laundering activities," he said.

The Cabinet's nod would pave the way for the country to become a part of the Egmont Group, an informal grouping of financial intelligence units.

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