Consider the following statements about the Financial Intelligence Units (FIUs):

1. FIU-India functions under the Reserve Bank of India.

2. The Egmont Group is the united body of Financial Intelligence Units in the world.

Which of the statements given above is/are correct?

• Financial Intelligence Unit – India (FIU-IND) was set by the Government of India in 2004 as the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.

• FIU-IND is also responsible for co-ordinating and strengthening efforts of national and international intelligence, investigation and enforcement agencies in pursuing the global efforts against money laundering and financing of terrorism.

• FIU-IND is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.

• Recognizing the importance of international co-operation in the fight against money laundering and financing of terrorism, a group of Financial Intelligence Units (FIUs) met at the Egmont Arenberg Palace in Brussels, Belgium and decided to establish an informal network of FIUs for the stimulation of international co-operation.

• The Egmont Group is a united body of 164 Financial Intelligence Units (FIUs). The Egmont Group provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing (ML/TF). This is especially relevant as FIUs are uniquely positioned to co-operate and support national and international efforts to counter terrorist financing and are the trusted gateway for sharing financial information domestically and internationally in accordance with the global Anti Money Laundering and Counter Financing of Terrorism (AML/CFT) standards.

• The Egmont Group recognizes sharing of financial intelligence is of paramount importance and has become the cornerstone of the international efforts to counter ML/TF. Financial Intelligence Units (FIUs) around the world are obliged by the international AML/CFT standards to exchange information and engage in international co-operation. As an international financial intelligence forum, the Egmont Group both facilitates and prompts this amongst its member FIUs.