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Consider the following statements regarding the Financial Intelligence Unit:
1. It disseminates information relating to suspected financial transactions.
2. It works directly under the Prime Minister’s Office.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding the Financial Intelligence...
India's Financial Intelligence Unit (FIU) is keeping a close eye on large cash deposits and withdrawals from cooperative banks ahead of the 2024 Lok Sabha elections.
- It was set by the Government of India in November 2004.
- It is the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.
- It is also responsible for coordinating and strengthening efforts of national and international intelligence, investigation and enforcement agencies in pursuing the global efforts against money laundering and financing of terrorism.
- It is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the union Finance Minister.
- Functions:
- Collection of Information: Act as the central reception point for receiving Cash Transaction reports (CTRs), Non-Profit Organisation Transaction Report (NTRs), Cross Border Wire Transfer Reports (CBWTRs), Reports on Purchase or Sale of Immovable Property (IPRs) and Suspicious Transaction Reports (STRs) from various reporting entities.
- Analysis of Information: Analyze received information in order to uncover patterns of transactions suggesting suspicion of money laundering and related crimes.
- Sharing of Information: Share information with national intelligence/law enforcement agencies, national regulatory authorities and foreign Financial Intelligence Units.
- Act as Central Repository: Establish and maintain national data base on the basis of reports received from reporting entities.
- Coordination: Coordinate and strengthen collection and sharing of financial intelligence through an effective national, regional and global network to combat money laundering and related crimes.
- Research and Analysis: Monitor and identify strategic key areas on money laundering trends, typologies and developments.
Hence only statement 1 is correct.
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Consider the following statements regarding the Financial Intelligence...
Explanation:
Statement 1:
- The first statement is correct. The Financial Intelligence Unit (FIU) is responsible for disseminating information relating to suspected financial transactions. It plays a crucial role in combating money laundering, terrorist financing, and other financial crimes by analyzing and sharing information with relevant authorities.
Statement 2:
- The second statement is incorrect. The FIU does not work directly under the Prime Minister's Office. In most countries, including India, the FIU operates as an independent body or as a part of the country's central bank or financial regulatory authority.
Therefore, the correct answer is option 'A' - 1 only. The FIU is an essential component in the fight against financial crimes, and it plays a vital role in safeguarding the integrity of the financial system.
Statement 1:
- The first statement is correct. The Financial Intelligence Unit (FIU) is responsible for disseminating information relating to suspected financial transactions. It plays a crucial role in combating money laundering, terrorist financing, and other financial crimes by analyzing and sharing information with relevant authorities.
Statement 2:
- The second statement is incorrect. The FIU does not work directly under the Prime Minister's Office. In most countries, including India, the FIU operates as an independent body or as a part of the country's central bank or financial regulatory authority.
Therefore, the correct answer is option 'A' - 1 only. The FIU is an essential component in the fight against financial crimes, and it plays a vital role in safeguarding the integrity of the financial system.
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Consider the following statements regarding the Financial Intelligence Unit:1. It disseminates information relating to suspected financial transactions.2. It works directly under the Prime Minister’s Office.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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