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Business EconomyPosted at: Aug 27 2015 8:06PM


FIU urges due diligence to BSE brokers to track money laundering

Mumbai, Aug 27 (UNI) Government of India’s Financial Intelligence Unit (FIU), director P K Tiwari has called up on the members (brokers) of the stock exchanges to participate in reporting transactions about their clients under Prevention of Money Laundering Act. Addressing a seminar on Prevention of Money Laundering Act organised by the BSE Brokers Forum, Tiwari urged the broking community to go beyond in performing the legal responsibility and not look at the reporting tool only in terms of mere compliance. Stating the need for everyone to come on board on money laundering issue, Tiwari said,"Every act of terrorism has a financial side to it." Financial Intelligence Unit, India comes under the aegis of the Finance Ministry, and was set up by the government as a central agency responsible for information relating to suspect financial transactions. Unless the financial system is alert and proactively helps the law enforcement agencies, the latter cannot do much, he cautioned. Tiwari urged the members to ensure that their clients’ transactions are commensurate with their respective profile. The member of the stock exchange has the freedom to decide on reporting the client to FIU based on his objective and subjective consultation. The law gives the reporting agency (member) the privilege of not incurring any civil or criminal liability or any other act as a blanket protection is being given under section 14 given to the reporting agencies. There are 156 offences that can lead to a money laundering offence, Tiwari said. Speaking on the occasion, BSE Brokers Forum, Chairman, Siddharth Shah said, "Today in the complex world of financial markets there is an increasing onus on the capital market intermediaries to have the due diligence while doing the KYC of the clients. The black money issues and the money from illegal activities are findings its way to the capital market." The Prevention of Money Laundering Act 2002 gains significance since the central government is also very keen on identifying source of money which is dubious in nature. The member brokers of the exchange are the first level of regulatory compliance by identifying the KYC details and reporting any abnormal activities. UNI ST FH NP2001
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