India finally has a financial intelligence unit (FIU) for tracking money laundering offences. The Cabinet today gave its nod to set up the FIU as an independent unit of the
Central Economic Intelligence Bureau (CEIB).
“Finance Intelligence Unit India (FIU-IND) will provide assistance in establishing links between suspicious or unusual financial transactions and underlying criminal activities to prevent and combat money laundering and related crimes,” finance minister P Chidambaram said.
The move to have an FIU follows government’s decision to have two separate wings - intelligence wing and investigative wing - to deal with money laundering offences.
The enforcement directorate (ED) will be given the investigation and prosecution powers under the prevention of money laundering legislation, said a senior official.
