New Delhi, April 16 To curb money laundering and financial crimes, the Financial Intelligence Unit-India (FIU-IND) has signed two separate memorandums of understanding (MoUs) with the Securities and Exchange Board of India (SEBI) and the Pension Fund Regulatory and Development Authority (PFRDA) to enhance information sharing and inter-agency coordination, the Ministry of Finance said on Thursday.
The agreements mark a step towards strengthening collaborative intelligence-sharing mechanisms among key financial sector regulators to combat money laundering and the financing of terrorism.
Under the MoUs, the agencies will share relevant intelligence and information from their respective databases and establish procedures for reporting by regulated entities to FIU-IND in accordance with the Prevention of Money Laundering (PML) Rules, according to the ministry.
The collaboration will also facilitate the exchange of information with foreign financial intelligence units in line with the Egmont Principles of Information Exchange.
Both SEBI and PFRDA will work with FIU-IND to undertake outreach and training programmes aimed at enhancing Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) capabilities among regulated entities.
According to the government, the cooperation framework includes assessment of money laundering and terror financing risks across financial sub-sectors, identification and dissemination of red-flag indicators for suspicious transactions, and strengthening supervision and compliance with obligations under the Prevention of Money Laundering Act (PMLA), related rules, and respective regulatory guidelines.
The MoUs also provide for regular coordination through designated nodal officers and quarterly meetings to exchange information and discuss issues of mutual interest, while ensuring alignment with international standards.
The agreements were signed by Amit Mohan Govil, Director, FIU-IND, with Sandip Pradhan, Whole Time Member, SEBI, and Randip Singh Jagpal, Whole Time Member, PFRDA. The signing with PFRDA was held in the presence of its Chairperson, Sivasubramanian Ramann.
FIU-IND is the national agency responsible for receiving, analysing and disseminating information related to suspicious financial transactions and coordinating efforts to combat money laundering and terror financing.
SEBI is the statutory regulator of the securities market, while PFRDA oversees the pension sector, including the National Pension System and Atal Pension Yojana, ensuring orderly growth and protection of investor and subscriber interests.
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