Question

    Which of the following statements about the Financial

    Intelligence Unit – India (FIU-IND) is true?
    A FIU-IND is a government agency responsible for managing the national budget of India Correct Answer Incorrect Answer
    B FIU-IND is a regulatory body overseeing the functioning of financial institutions in India. Correct Answer Incorrect Answer
    C FIU-IND is an independent agency responsible for receiving, processing, analyzing, and disseminating information on suspect financial transactions. Correct Answer Incorrect Answer
    D FIU-IND is a central bank responsible for formulating monetary policy in India. Correct Answer Incorrect Answer
    E FIU-IND is a law enforcement agency focused on combating cybercrime in India. Correct Answer Incorrect Answer

    Solution

    Financial Intelligence Unit – India (FIU-IND) was set by the Government of India vide O.M. dated 18th November 2004 as the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions. FIU-IND 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. FIU-IND is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.

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