India: Suspicious Financial Transactions Doubled Last Year, A Government Report Says

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July 30 2017

Detection and reportage of suspicious transactions, fake currency notes and cross-border fund transfers in the country’s economic channels doubled in the last fiscal year, leading to unearthing of over Rs. 560 crore black money, a government report has said. The report of the Financial Intelligence Unit (FIU), the premier technical snoop wing under the Finance Ministry, said the financial year 2015-16 saw a “record increase” in the detection of such instances.

All banks and financial intermediaries apprise the FIU of the detections as part of their obligation to comply with the country’s anti-money laundering and counter-terror financing measures.