National Intelligence grid get access to blackmoney related info from FIU

Sunday, Dec 20, 2015,12:29 IST By Metrovaartha A A A

New Delhi | The Central Vigilance Commission and National Intelligence Grid have been given access to information on blackmoney and money laundering related transactions from Financial Intelligence Unit (FIU).

Both the CVC and Natgrid are new entrants to the list of 18 other organisations including RAW and IB that are empowered to seek details from the FIU on dubious financial transactions, as per an official order. FIU is tasked with collecting, analysing and disseminating information related to financial transactions suspected to be blackmoney or proceeds of crime.

The move is aimed at strengthening the country’s efforts to check blackmoney, corruption and other financial crimes. The central government decided to allow access to CVC and Natgrid to information available with FIU in the public interest, the order said. The Natgrid, which is still in nascent stage, will collect crucial data from various central security and intelligence agencies.

The project is likely to be completed some time next year. The FIU shares information with Enforcement Directorate (ED), Central Bureau of Investigation (CBI), Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), National Investigation Agency (NIA), Central Economic Intelligence Bureau (CEIB) and chief secretaries of state governments, among others.

The Supreme Court-appointed Special Investigation Team on blackmoney is also one of the notified organisations which can seek information from the FIU, an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.