Q. Financial Intelligence Unit (FIU), recently seen in news, is a specialized agency comes under which ministry?
Answer:
Ministry of Finance
Notes: The Financial Intelligence Unit (FIU), established in 2004 under the Ministry of Finance recently issued alert indicators under the Prevention of Money Laundering Act (PMLA) for various sectors, including capital markets, insurance, online payment gateways, and cryptocurrency services. It analyzes suspicious financial transactions to combat money laundering and terrorism financing. Organizations like banks, stockbrokers, and insurance companies are mandated to register with FIU-IND as reporting entities under PMLA.