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Satya Pal Kumar, a 2005-batch IRS (Income Tax) officer, has been appointed Director of the Financial Intelligence Unit-India (FIU-IND).
The appointment is at the Joint Secretary level for a tenure of five years, or until further orders.
It is part of a bureaucratic reshuffle involving about 20 senior officers approved by the Appointments Committee of the Cabinet.
FIU-IND, under the Ministry of Finance, tracks suspicious financial transactions.
It plays a central role in combating money laundering and terror financing.
Receives, analyses and disseminates information on suspicious financial transactions to enforcement agencies
The Financial Intelligence Unit is the national agency that collects reports of suspicious or high-value financial transactions from banks and other reporting entities, analyses them for signs of money laundering or terror financing, and passes actionable intelligence to enforcement agencies such as the Enforcement Directorate. It is the central node of India's anti-money-laundering system, set up under the framework of the Prevention of Money Laundering Act, and it also cooperates with counterpart agencies abroad.
Simple Analogy: Think of it as the financial system's alarm-monitoring centre, spotting suspicious patterns and alerting the investigators.
Banking Awareness > Anti-Money-Laundering and Regulators
General Awareness > Institutions and Appointments
Democracy's superior virtue lies in the fact that it calls into activity
Answer: the intelligence and character of ordinary men and women.
The President is elected by an electoral college, while the Governor is:
Answer: Appointed by the President
Financial Intelligence Unit-India, the national agency analysing suspicious financial transactions.
Disguising the origins of illegally obtained money to make it appear legitimate.
Prevention of Money Laundering Act, the legal framework underpinning FIU's work.