Cabinet approves revised Model MoU between India and foreign Financial Intelligence Units (FIUs) for exchange of information

Cabinet approves revised Model MoU between India and foreign Financial Intelligence Units (FIUs) for exchange of information

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval to the revised Model Memorandum of Understanding between the Financial Intelligence Unit(FIU) – India (FIU-Ind) with its counterpart foreign Financial Intelligence Units (FIUs) for exchange of information. The revised Model MoU was drafted based on Egmont Group Secretariat revised Model MoU 2014.

Background

The core functions of FIU-IND in relation to foreign FIUs include screening and processing requests from foreign Financial Intelligence Units (FIUs), disseminating information to foreign FIUs, establishing and maintaining relationship with foreign FIUs, and facilitating, administering and negotiating MoUs with foreign FIUs. Most of the foreign FIUs require an MoU to be signed for sharing of information with them.

Source: PMINDIA