Prevention of Money Laundering
- Institutional Framework
- Adjudicating Authority
- >Applellate Tribunal
- International Cooperation
- Tackling Black Money
FATF & membership
The Financial Action Task Force (FATF) is an inter-governmental body which sets standards, and develops and promotes policies to combat money laundering and terrorist financing.
The Forty Recommendations and Nine Special Recommendations of FATF provide a complete set of counter-measures against money laundering covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. These Recommendations have been recognised, endorsed, or adopted by many international bodies as the international standards for combating money laundering.
India became a member of the FATF in 2010.
Egmont Group Membership
Financial Intelligence Unit-India (FIU-IND) is a member of the Egmont Group, an international organization for stimulating co-operation among FIUs. The Egmont Group serves as an international network fostering improved communication and interaction among FIUs. The goal of the Egmont Group is to provide a forum for FIUs around the world to improve support to their respective governments in the fight against money laundering, terrorist financing and other financial crimes.
India became member of the Egmont Group in May, 2007.
Other Bilateral Agreements
The FIU-IND has signed bilateral Memorandum of Understanding (MoU)s with fifteen countries namely, Mauritius, Philippines, Brazil, Malaysia, Russia, Australia, Canada, USA, Srilanka, Georgia, San Marono, Bermuda, Nigeria, Japan, Indonesia as on May, 2011. The MoUs are to facilitate the exchanges of intelligence between the two countries for the purpose of cooperation to gather, develop and analyze information concerning financial transactions suspected of being related to money laundering and terrorist financing.