To check black money and to take greater measures India’s Financial Intelligence Unit (FIU) has started tapping all the suspicious information relating to cross-border transfer of funds that is done from India to other country’s destination. Finance Ministry has brought in premier technical spy wing which has brought out this new system where all the financial organisations and banks are tracked under Cross Border Wire Transfer Reports (CBTRs) where the money of Rs 5 lakh and more are transferred under anti-money laundering law provisions.
FIU has asked all financial organisations and their intermediaries or agencies working for them who are operating in India need to provide the reports to FIU and it will be every month and this report also includes the details of money which is below Rs 5 lakh but seems to be suspicious in nature or if it is interrelated to some transaction. FIU is one of a kind in the world and one of the few agencies that is in India which has implemented such a new mechanism to check black money which is transferred to foreign locations from our domestic economic channels. Combating the menace of transfer of illegal funds from India and to analyse Illicit Financial Flows (IFF) which goes from our country which has become a major irritant, FIU is working efficiently and diligently. Under the report of FIU it is hoped that analysing the problem of IFF from India can be made with the help of CBTR data.
Under the provisions of Prevention of Money Laundering Act (PMLA)all the banks, financial institutions, insurance companies capital market operatives have been notified of this new measure. After an amendment has been done to PMLA to check the menace by FIU many sub-registrar and real estate agents are reporting about the sale and registration of immovable properties in the nation. As per the latest report government has found more that Rs 7,800 crores of illegal monies in our nation and also foreign country during 2013-2014 year which FIU says is an all-time high suspicious transactions cases in our country. At the same time nearly 82 requests to foreign counterparts have been sent to obtain information to take steps in black money cases.