Suspicious Transaction Reporting

What is it about?

The whole exercise of implementing AML/CFT measures is to detect and report any suspicious transactions or incidences of money laundering and terrorism financing to the Financial Intelligence Unit (FIU). This paper examines the effectiveness of reporting system in India and attempts to assess the impact of AML function on money laundering on the basis of number of prosecutions, convictions, and confiscation value under Prevention of Money Laundering Act.

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Why is it important?

In the Indian context, there is a dearth of studies assessing the effectiveness of AML/CFT system. Thus this paper provides some insights on the outcome of the AML function in terms of suspicious transaction reports, and the impact of AML function on money laundering in India.