Question
Consider the following statements regarding the role of
Financial Intelligence Unit (FIU) under PMLA: Statement 1: FIU receives Suspicious Transaction Reports and Currency Transaction Reports from financial institutions. Statement 2: FIU can share information with PMLA investigators and other law enforcement agencies. Statement 3: FIU reports are conclusive evidence of proceeds of crime. Statement 4: FIU is empowered to initiate suo moto investigations based on STRs. Which statements are correct?Solution
FIU receives STRs and CTRs—Statement 1 is correct. FIU shares information with investigators—Statement 2 is correct. FIU initiates suo moto investigations—Statement 4 is correct. Statement 3 is incorrect—FIU reports are not conclusive; they initiate investigation. Statements 1, 2, and 4 are correct.
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