Financial Intelligence-unit

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Financial Intelligence-unit - Total results - 14
Strict punishment in offing for 3.38 lakh shell company owners: Centre to deploy DRI, FIU, CBDT, CBI for probe; ED to verify how funds are managed, laundered
India

Strict punishment in offing for 3.38 lakh shell company owners: Centre to deploy DRI, FIU, CBDT, CBI for probe; ED to verify how funds are managed, laundered

So far, 3.38 lakh shell companies has been identified and de-registered by the Ministry of Corporate Affairs. A maximum of 75,000 companies in Delhi, 73,000 in Mumbai, 46,000 in Andhra Pradesh and Telangana together, and 16,000 in Kolkata were identified as shell entities which were used for tax evasion, obscuring real ownership, money laundering and purchase of benami properties.

Financial Intelligence Unit slaps over Rs 15 cr fine on Punjab National Bank for violating money laundering rules
Business

Financial Intelligence Unit slaps over Rs 15 cr fine on Punjab National Bank for violating money laundering rules

The FIU move against Punjab National Bank is significant because it is based on inspection and review of the Bank during April 2016-November 2017, which covers the crucial months before and after demonetisation that was announced on 8 November 2016

Financial Intelligence Unit slams Allahabad Bank for not filing transaction reports of NGOs receiving foreign funds
Business

Financial Intelligence Unit slams Allahabad Bank for not filing transaction reports of NGOs receiving foreign funds

Allahabad Bank admitted that it had not carried out determination of beneficial ownership regarding top 50 accounts in the name of trusts and societies opened during the previous financial year.

Ram Nath Kovind holds talks with Cyprus president, signs agreements on money laundering, environment
World

Ram Nath Kovind holds talks with Cyprus president, signs agreements on money laundering, environment

President Ram Nath Kovind and Nicos Anastasiades held discussions on issues of mutual interest including promotion of business collaboration in the fields of IT and IT-enabled services, tourism, shipping and renewable energy

Govt to soon come out with definition for shell companies, says union minister P P Chaudhary
Business

Govt to soon come out with definition for shell companies, says union minister P P Chaudhary

Generally, shell companies exist only on paper and are often used by fraudsters for carrying out their illegal activities

Banks received alarming amount of fake currency post demonetisation; detected 480% jump in suspicious transactions
Business

Banks received alarming amount of fake currency post demonetisation; detected 480% jump in suspicious transactions

Banks received a record amount of fake currency and detected an over 480 percent surge in suspicious transactions post demonetisation.

PNB scam: ED seeks Financial Intelligence Unit's help to probe dubious transactions by Nirav Modi, Mehul Choksi
India

PNB scam: ED seeks Financial Intelligence Unit's help to probe dubious transactions by Nirav Modi, Mehul Choksi

According to top sources, the Enforcement Directorate has sought Suspicious Transaction Reports related to companies owned by Nirav Modi and Mehul Choksi as well as individual transactions of people associated with swindlers including Neeshal Modi, Ami Modi, Hemant Dahyalal Bhat, Aniyth Shivraman Nair and Dinesh Gopaldas Bhatia.

Supreme Court rules out setting up separate SIT to probe Indians in the Panama papers leak matter
India

Supreme Court rules out setting up separate SIT to probe Indians in the Panama papers leak matter

The Supreme Court ruled out setting up of a separate Special Investigation Team (SIT) to probe the alleged revelation of offshore accounts of Indians in Panama papers leak

Panama Papers: Multi-agency team to conduct probe under stringent anti-black money law
Business

Panama Papers: Multi-agency team to conduct probe under stringent anti-black money law

The new law, under which the Panama Papers probe will be conducted, imposes a steep 120 percent of tax and penalty, and a jail term of up to 10 years.

Curb betting in cricket and check donations: SIT on black money
Business

Curb betting in cricket and check donations: SIT on black money

The SIT suggested steps to crackdown on shell companies which are set up by entities to evade taxes and result in generation of black money.

Bhushan Steel promoters among 260 Sebi-barred entities
Corporate

Bhushan Steel promoters among 260 Sebi-barred entities

Those barred by Sebi include the company chairman Brij Bhushan Singal, his son and manging director Neeraj Singal, as also their respective spouses Uma Singal and Ritu Singal.

Sebi suspects money laundering, tax evasion: Bars 260 entities
Economy

Sebi suspects money laundering, tax evasion: Bars 260 entities

While Sebi would further probe these cases, it has also decided to refer the matter to the Income Tax Department, Enforcement Directorate, Financial Intelligence Unit, among other agencies, for necessary actions on their part.

High spenders: 40.72 lakh under tax scanner
India

High spenders: 40.72 lakh under tax scanner

The I-T department, sources said, has also send notices for non-filing of taxes to close to 12 lakh people and entities even as many more such notices are in the offing.

Sebi asks entities to submit suspicious transaction reports
Investing

Sebi asks entities to submit suspicious transaction reports

Market regulator Sebi has asked all the entities under its jurisdiction to submit suspicious transaction reports (STRs) electronically through a new direct online gateway to the Financial Intelligence Unit (FIU).