Financial Intelligence Unit—India
{{Short description|Government agency in India}}
{{Infobox government agency
| name = Financial Intelligence Unit—India
| native_name_a = {{lang|hi|वित्तीय आसूचना एकक — भारत}}
| logo = Logo of Financial Intelligence Unit (India).png
| logo_size = 150px
| formed = {{Start date and age|2004|11|18}}
| agency_type = Financial Intelligence Unit
| jurisdiction = Government of India
| status = Active
| headquarters = Connaught Place, New Delhi
| employees = 75
| minister1_name = Nirmala Sitharaman
| minister1_pfo = Minister of Finance
| chief1_name = Vivek Aggarwal, IAS
| chief1_position = Director
| parent_department = Department of Revenue
| website = {{URL|fiuindia.gov.in}}
}}
Financial Intelligence Unit—India (FIU-IND) is an organisation under the Department of Revenue, Government of India which collects financial intelligence about offences[https://fiuindia.gov.in/files/AML_Legislation/scheduled_offences.html Scheduled Offences under the PMLA], from FIU-IND website under the Prevention of Money Laundering Act, 2002. It was set up in November 2004 and reports directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.[https://fiuindia.gov.in/files/About_FIU-IND/About_FIUIND.html About FIU-IND], from official website{{PD-notice}}
Functions
- Collection of Information: FIU-IND is the nodal agency for receiving the following reports from various reporting entities.
- Cash Transaction reports (CTRs)
- Non-Profit Organisation Transaction Reports (NTRs)
- Cross Border Wire Transfer Reports (CBWTRs)
- Reports on Purchase or Sale of Immovable Property (IPRs)
- Suspicious Transaction Reports (STRs)
- Analysis of Information: to uncover patterns of transactions suggesting suspicion of money laundering and related crimes.
- Sharing of Information: with national intelligence/law enforcement agencies, national regulatory authorities and foreign Financial Intelligence Units.
- Act as Central Repository: to maintain the national data base on the basis of reports received from reporting entities.
- Coordination: Coordinate and strengthen collection and sharing of financial intelligence through an effective national, regional and global network to combat money laundering and related crimes.
- Research and Analysis: Monitor and identify strategic key areas on money laundering trends, typologies and developments.
- Punitive Action: The agency can also take punitive action for violations of the PMLA. In December 2020, it imposed a fine of Rs. 96 lakh ({{lakh|96}}) on PayPal.[https://theprint.in/india/indias-financial-intelligence-unit-fines-paypal-rs-96-lakh-for-violating-anti-money-laundering-law/570507/ India’s Financial Intelligence Unit fines PayPal Rs 96 lakh for ‘violating anti-money laundering law’], The Print, 20 December 2020
Organisation
The agency has a sanctioned strength of 75 staff, drawn on deputation from Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC), Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Department of Legal Affairs and Intelligence agencies. It is headed by a Director, in the rank of Joint Secretary. Current Director is Pankaj Kumar Mishra, IRS-IT (1989), appointed in May 2016 for a five year term.[https://economictimes.indiatimes.com/news/politics-and-nation/babus-rejig-pankaj-kumar-mishra-appointed-financial-intelligence-unit-chief/articleshow/52505950.cms Babus rejig: Pankaj Kumar Mishra appointed Financial Intelligence Unit chief], The Economic Times, 30 May 2016[https://archive.pib.gov.in/newsite/PrintRelease.aspx?relid=145788 ACC Appointments], Press Information Bureau, 30 May 2016, [https://web.archive.org/web/20210920123623/https://archive.pib.gov.in/newsite/PrintRelease.aspx?relid=145788 archived copy] He was promoted to Additional Secretary in May 2020, as a personal measure, with temporary upgradation of the post.[https://www.indianbureaucracy.com/5-additional-secretary-appointments/ 5 Additional Secretary Appointments], Indian Bureaucracy, 20 May 2020, [https://web.archive.org/web/20200526035653/https://www.indianbureaucracy.com/5-additional-secretary-appointments/ archived copy][https://www.indianmandarins.com/news/major-bureaucratic-reshuffle-effected-at-secretary-as-js-level-sriniwas-appointed-as-eo-dopt/20611 Major bureaucratic reshuffle effected at Secretary, AS & JS level], Indian Mandarins, 12 May 2020, [https://web.archive.org/web/20210226122806/https://www.indianmandarins.com/news/major-bureaucratic-reshuffle-effected-at-secretary-as-js-level-sriniwas-appointed-as-eo-dopt/20611 archived copy]
References
{{Reflist}}
{{Indian intelligence agencies}}
{{Authority control}}
Category:Indian intelligence agencies
Category:Organizations established in 2004
Category:2004 establishments in India