Financial Intelligence Unit India

  • Recently, as part of compliance action against the offshore entities, Financial Intelligence Unit India (FIU IND) has issued compliance Show Cause Notices to nine offshore Virtual Digital Assets Service Providers (VDA SPs) under the Prevention of Money Laundering Act, 2002 (PMLA).
  • Financial Intelligence Unit India was set up by the Government of India in 2004.
  • It is the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.
  • It is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance ....
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