FIU to sign MoU with agencies to check blackmoney

The Financial Intelligence Unit, which is tasked with looking into suspicious financial transactions, will sign MoUs with various agencies to ensure better exchange of information to check blackmoney and tax evasion.
The MoU will enable FIU and the concerned agency to exchange suspicious transaction reports (STRs) relating to cases of crime, money laundering, tax and duty evasions, official sources said.
These MoUs will be inked with Directorate General of Central Excise Intelligence (DGCEI), Directorate General of Revenue Intelligence (DGRI) and Enforcement Directorate among others, they said.
The FIU, tasked with analysing and disseminating information relating to dubious financial transactions, had last month signed MoU with the CBI.

The MoU, signed by CBI Director Ranjit Sinha on May 16, will facilitate better exchange of information and improve the anti-money laundering regime (under Prevention of Money laundering Act) as per international standards, the sources said.
This latest agreement has replaced the previous MOU signed between the two agencies in April, 2010.

"The FIU and CBI will assist each other by sharing intelligence and information about persons suspected to be involved in scheduled offences under the PMLA, and the list of offenders prosecuted by the CBI from time to time.
"Under the MoU, the two agencies will exchange suspicious transaction reports relating to suspected cases of crime as well as cash transaction reports. Both parties are committed to keep the shared information confidential," according to an official statement issued by CBI after signing the agreement.

The FIU has already signed an MoU with Income Tax department to facilitate easy exchange of tax-evasion related information between the two agencies.