FIU-IND signs MoU with 30 counterpart FIUs

Q.  What does FIU-IND stand for in the context of finance?
- Published on 12 May 16

a. Financial Intelligence Unit- India
b. Financial Intelligence Union- India
c. Fiscal Intelligence Unit- India
d. FIscal Intelligence Union- India

ANSWER: Financial Intelligence Unit- India
 
Financial Intelligence Unit - India (FIU-IND) has signed Memorandum of Understanding (MoU) with 30 counterpart FIUs of other countries for sharing the information pertaining to money laundering and terror funding.
  • FIU-IND is also a member of Egmont Group of FIUs, an international organization with a membership of 151 FIUs.
  • Besides, India is also a member of the Financial Action Task Force (FATF), an intergovernmental body which makes recommendations relating to combating money laundering, terrorist financing and serious tax offences.
  • India participates in various regional/global meetings to put India’s position with regard to steps taken to combat money laundering and terrorist financing.

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