Question
Under the PMLA, suspicious transaction reports and other information are furnished to which body?
Solution
Under the Prevention of Money Laundering Act, reporting entities are required to furnish information regarding suspicious transactions, cash transactions above specified thresholds, and other prescribed transactions to the Financial Intelligence Unit-India (FIU-IND). The FIU-IND is the central national agency responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions. It plays a key role in coordinating anti-money-laundering efforts and supporting investigation and enforcement under the Act.
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