Financial Intelligence Unit — Prelims Questions

Which of the following statements about the Financial Intelligence Unit – India (FIU-IND) is/are correct? 1. FIU-IND is an independent body reporting directly to the Ministry of Home Affairs. 2. It is responsible for receiving, processing, analysing, and disseminating information relating to suspect financial transactions. 3. FIU-IND has the power to conduct investigations and make arrests under the Prevention of Money Laundering Act (PMLA), 2002.

Consider the following reports mandated under the Prevention of Money Laundering Act (PMLA), 2002, to be submitted to FIU-IND: 1. Suspicious Transaction Reports (STRs) 2. Cash Transaction Reports (CTRs) 3. Cross Border Wire Transfer Reports (CBWTRs) 4. Foreign Contribution Reports (FCRs) Which of the above are correctly mandated to be submitted to FIU-IND?

FIU-IND is a member of which international body that facilitates the secure exchange of financial intelligence among its members?

Which of the following PMLA Amendments formally established the Financial Intelligence Unit – India (FIU-IND) under the Act?

With reference to the functions of FIU-IND, consider the following statements: 1. FIU-IND collects information on suspicious transactions from various reporting entities. 2. It analyses this information to identify patterns of money laundering and terrorist financing. 3. It disseminates actionable intelligence to national and international law enforcement agencies. 4. It has the authority to directly attach properties involved in money laundering. How many of the statements given above are correct?