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Financial Intelligence Unit UPSC NOTE

 Why in news 

  • The Financial Intelligence Unit-India has fined Paytm Payments Bank Ltd. (PPBL) ₹5.49 crore for violations of the Prevention of Money Laundering Act.

  • This is after finding substantial proof of money generated from illegal activity being routed through accounts held by entities with the bank.

  • The FIU-IND had initiated a review of PPBL’s operations after receiving “specific information” from law enforcement agencies about a few entities and their network of businesses engaging in a number of illegal acts, including organising and facilitating online gambling.

Financial Intelligence Unit

  • India's central agency for fighting financial crimes.

  • Responsible for gathering, analyzing, and sharing information related to suspicious financial activity.

  • Plays a key role in preventing money laundering, terrorist financing, and other economic offenses.

Key Functions:

  • Receiving Financial Reports: Collects various financial reports mandated by law, including:

    • Suspicious Transaction Reports (STRs)

    • Cash Transaction Reports (CTRs)

    • Counterfeit Currency Reports (CCRs)

  • Cross-Border Wire Transfer Reports (CBWTRs)

  • Non-Profit Organization Transaction Reports (NTRs)

  • Analyzing Information: Processes and analyzes financial data to uncover patterns and links that may point to illegal activity.

  • Disseminating Intelligence: Shares analyzed information with law enforcement and intelligence agencies.

  • International Cooperation: Collaborates with foreign Financial Intelligence Units to combat cross-border financial crimes.

Structure

  • Established: November 18th, 2004

  • Reports to: The Economic Intelligence Council (EIC), headed by India's Finance Minister.

  • Administrative Control: Department of Revenue, Ministry of Finance

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Financial Intelligence Unit UPSC NOTE
Financial Intelligence Unit UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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