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Union Cabinet has approved setting up of Finance Intelligence Unit India (FIU-Ind) with the aim of establishing links between suspicious or unusual financial transactions and underlying criminal activities, so as to prevent and combat money laundering and related crimes.
This is in line with the recommendations to set up of FIU by The Financial Action Taskforce (FATF), an international body set up in 1989 to examine and recommend anti-money laundering measures worldwide.
FIU-Ind would also co-ordinate and support efforts of national and international intelligence, investigation and enforcement agencies in pursuing the global efforts against money laundering and related crimes.
It will be the Central national agency responsible for receiving, processing, anal-ysing and disseminating information relating to suspect financial transactions to these agencies who shall protect the information against misuse.
The FIU-Ind would be headed by the director (joint secretary level officer) and set up as an independent unit of the central economic intelligence bureau.
ADB sets up fund to fight money laundering
Know Your Customer (KYC) norms
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