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/ India News / 2007 / June 2007 / June 18, 2007 Financial intelligence unit-India joins Egmont group |
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The Financial Intelligence Unit-India (FIU-IND) has become a member of the Egmont Group, an international organization for motivating cooperation amongst FIUs across the world.
New Delhi, June 18 : The Financial Intelligence Unit-India (FIU-IND) has become a member of the Egmont Group, an international organization for motivating cooperation amongst FIUs across the world.
The decision was taken at the groups of Plenary Session at Hamilton in Bermuda.
Apart from meeting an important requirement of the Financial Action Task Force (FATF), it would facilitate and enhance exchange of information by FIU-IND with its counterpart FIUs, which members more than 100.
India has enacted the Prevention of Money Laundering Act, 2002 (PMLA), which was brought into force from July 1, 2005,to fight the menace of money laundering and financing of terrorism with its full might.
Financial Intelligence Unit-India has also been set up to receive information relating to large cash and suspicious transactions under the PMLA, from various entities in financial sector and distribute information in appropriate cases to relevant intelligence enforcement agencies.
ANI
