India: FIU forwarded over 65K reports in FY18, the highest ever

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June 25, 2018

The Financial Intelligence Unit-India (FIU), the government agency mandated with collating, analysing and disseminating financial intelligence on terrorist financing and money laundering, has forwarded a 65,829 Suspicious Transactions Reports (STRs) to law enforcement agencies during FY18 — the highest in the agency’s history. This number was over 13 per cent higher than the record 58,223 STRs forwarded for action in FY17.

A majority of these are classified reports on suspicious currency transactions via banking and other financial channels in the country and much of the information was forwarded to various reporting entities as prescribed under Prevention of Money Laundering Rules, an official said.