Economic

Black money: Financial Intelligence Unit begins tracking overseas money transfer

“As part of its enhanced measures to check black money, country’s elite Financial Intelligence Unit (FIU) has begun tapping information on all suspicious cross-border fund transfers made from India to offshore destinations.

The premier technical snoop wing under the Finance Ministry has rolled out a new system where all banking and financial institutions are mandated to file formatted Cross Border Wire Transfer Reports (CBTRs) exceeding Rs 5 lakh to it under the provisions of anti-money laundering laws. “

Source: Black money: Financial Intelligence Unit begins tracking overseas money transfer – The Economic Times

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