CBI inks MoU to check money laundering

New Delhi, May 16 (IANS) The Central Bureau of Investigation (CBI) and Financial Intelligence Unit-India (FIU-IND) Thursday inked a memorandum to strengthen anti-money laundering regime and for information exchange, officials said.

The memorandum of understanding enables the exchange and use of information between the two agencies under the Prevention of Money Laundering Act (PMLA), 2002.

“The two agencies will assist each other by sharing intelligence and information about people suspected to be involved in scheduled offences under the PMLA, and the list of offenders prosecuted by the CBI from time to time,” a CBI official said in a statement.

The FIU-IND is the national agency responsible for receiving and processing information relating to suspected financial transactions to enforcement agencies.

The present memorandum will replace the previous one signed between the two agencies in April, 2010.

Speaking on the occasion, CBI Director Ranjit Sinha said that economic offenders use the latest technology for perpetrating crimes and this has posed a new challenge for law enforcement and intelligence agencies.

“Information and intelligence about crimes and criminals is one of the most important tools in the hands of law enforcement agencies. Thus making timely exchange of information is very essential,” he was quoted as saying in the statement.

Sinha said the CBI has in the past benefited from the information provided by the FIU-IND about economic offenders and this has been crucial in probe.

FIU-IND Director P.K. Tiwary said enhanced coordination with law enforcement agencies and access to financial administrative and law enforcement information are priority areas for his agency.

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