Financial Intelligence Unit — Mains Questions

Critically examine the role of the Financial Intelligence Unit – India (FIU-IND) in combating money laundering and terrorist financing. Discuss its challenges and suggest measures for enhancing its effectiveness.

The Prevention of Money Laundering Act (PMLA), 2002, has undergone significant amendments to strengthen India's anti-money laundering regime. In this context, analyze the impact of the 2012 and 2019 amendments on the functioning and effectiveness of FIU-IND.

Discuss the challenges faced by Financial Intelligence Units (FIUs) globally in combating transnational financial crimes, with specific reference to FIU-IND's role in international cooperation through the Egmont Group. How can these challenges be addressed?