With an aim to crackdown on money laundering activities and detect corporate misdoings at an early stage, the Ministry of Corporate Affairs will work closely with the Financial Intelligence Unit besides developing an early warning system at SFIO to detect frauds.
Further to strengthen its capabilities, the Serious Fraud Investigation Office would set up a “state-of-art forensic lab” at an estimated cost of Rs 3.80 crore.
Three Memorandum of Understanding (MoUs) were inked today — two by SFIO and one by the Corporate Affairs Ministry.
According to government officials, these MoUs would be help in exchanging critical information related to money laundering.
The Corporate Affairs Ministry and SFIO have separately entered into preliminary pacts with the Financial Intelligence Unit (FIU-IND), which comes under the Finance Ministry.
FIU has been playing a key role in collection and dissemination of information related to suspicious banking transactions under Prevention of Money Laundering Act 2002.
Besides, SFIO has entered into a pact with National Institute of Electronics and Information Technology (NIELIT) — under Communications and Information Technology Ministry — would set up a forensic lab within the premises of SFIO.
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