Financial Intelligence Unit, India, to sign MOU with Foreign counterparts for exchange of information

The Union Cabinet on 29th March 2007 gave its approval for signing of MoUs by FIU, India with foreign FIUs for exchange of information.

The Cabinetís decision enable the organization to share information with foreign FIUs wherever considered necessary and reciprocally, to obtain information from them on money-laundering activities.

The core functions of FIU-IND in relation to foreign FIUs include screening and processing requests from foreign FIUs, disseminating information to foreign FIUs, establishing and maintaining relationship with foreign FIUs, and facilitating, administering and negotiating Memoranda of Understanding (MoUs) with foreign FIUs. Most of the foreign FIUs require an MoU to be signed for sharing of information with them.

The proposed MoU envisages that the information or documents obtained from the respective Authorities will not be disseminated to any third party, nor be used for administrative, prosecutorial or judicial purposes without prior consent of the disclosing Authority. The information acquired will be treated as confidential and will be subject to official secrecy. The MoU also provides that the Authorities will jointly arrange, consistent with the legislation of their respective countries, for acceptable procedures of communication and will consult each other with the purpose of implementing this Memorandum.

The Authorities would not be under any obligation to give assistance if judicial proceedings have already been initiated concerning the same facts to which the request is related. Further, the MoU may be amended or revoked at any time.

Banknet India's "Third Annual CXO Summit" on 19th April, 2007 at Mumbai will focus on anti-money laundering efforts in the financial sector... Click here

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