GOVERNMENT OF INDIA
Ministry of Home Affairs
UNSTARRED QUESTION NO.3174.
TO BE ANSWERED ON THE 21st DECEMBER, 2011/AGRAHAYANA 30, 1933 (SAKA)
Specialised Wing to Probe Financial Crimes
3174. SHRI RAJEEV CHANDRASEKHAR:
Will the Minister of HOME AFFAIRS be pleased to state:
(a) Whether Government has decided to set up a Specialized Wing to probe financial crimes like terror financing, money laundering and trail black money;
(b) If so, the details thereof;
(c) The details of powers and functions of the Unit; and
(d) By when this specialized wing is likely to be set up?
MINISTER OF STATE IN THE MINISTRY OF HOME AFFAIRS
(SHRI JITENDRA SINGH)
(a) to (d): No Sir, no single agency has been setup to probe all financial crimes. The government of India, however, is committed to curb financial crimes. Accordingly, it has constituted a separate cell i.e. Cell for Combating of Funding of Terrorism (CFT Cell) in the Ministry of Home Affairs. Further, MHA has also constituted a Terror Funding & Fake Currency Cell (TFFC) in the National Investigation Agency (NIA) in 2010 to focus on Terror Funding and Fake Currency cases.
As regards money laundering, the Enforcement Directorate is the designated statutory authority under the Prevention of Money Laundering Act, 2002 (PMLA).
Financial Intelligence Unit-India (FIU-IND) under the Ministry of Finance was set up in 2004 as the central national agency for receiving, processing, analyzing and disseminating information relating to suspect financial transaction. FIU-IND receives prescribed reports from various entities in financial sector under the Prevention of Money Laundering Act, 2002 (PMLA) and disseminates information to relevant intelligence/ investigation agencies and regulators of financial sector.