The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval to the revised Model Memorandum of Understanding between the Financial Intelligence Unit(FIU) India (FIU-Ind) with its counterpart foreign Financial Intelligence Units
(FIUs) for exchange of information.
In accordance with Article 14 of the Law, the Central Bank and Anti Money Laundering reporting office may request foreign authorities responsible for supervision of financial institutions or markets, foreign financial intelligence units
, or criminal or judicial prosecution authorities, to provide them with information and documents required for the performance of their duties.
The Central Board of Direct Taxes is also planning to take further action on the certificates of incorporation of 11 entities listed in the International Consortium of Investigative Journalists ( ICIJ) report which were received from two foreign Financial Intelligence Units
The note also says that "certificates of incorporation" of eleven entities listed in the International Consortium of Investigative Journalists (ICIJ) report which were received from two foreign Financial Intelligence Units
have been shared with CBDT for further action.
As part of the analysis process, MROS submitted requests for information on around 400 more natural persons and legal entities to foreign financial intelligence units
(FIUs) than in the previous year.
According to the report, 156 Egyptian nationals and legal entities had been the subject of inquiries by foreign Financial Intelligence Units
(FIUs) in 2011.
In addition, the centre requests for information from law enforcement agencies, as well as foreign Financial Intelligence Units
, pertaining to money laundering and terrorism financing.
In 2005, it sent official requests to foreign financial intelligence units
on 155 cases concerning 284 national and foreign entities suspected of money laundering, while foreign FIUs sent 59 requests to the GIIF, concerning 164 national and foreign entities suspected of attempting to launder proceeds from crime.