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Revised Model MoU of India & foreign Financial Intelligence Units (FIUs) Updates

Revised Model MoU of India & foreign Financial Intelligence Units (FIUs) Updates: Details, Highlights

The Union Cabinet chaired by Prime Minister Narendra Modi on 7th December 2018, has approved revised Model Memorandum of Understanding (MoU) between India and the Financial Intelligence Unit (FIU) – India (FIU-Ind) with its counterpart foreign Financial Intelligence Units (FIUs) for the exchange of information.

The revised model MoU was drafted based on Egmont Group Secretariat revised model MoU 2014.

The core functions of FIU-IND in relation to foreign FIUs include screening and processing requests from foreign Financial Intelligence Units (FIUs), disseminating information to foreign FIUs, establishing and maintaining a relationship with foreign FIUs and facilitating, administering and negotiating MoUs with foreign FIUs. 

Most of the foreign FIUs require a MoU to be signed for sharing of information with them.


 

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