Demonetisation triggers 1400 per cent rise in suspicious transaction reports: Financial Intelligence Unit

-PTI

The elite financial snooping unit of the country has compiled comprehensive data of such instances, including fake currency deposits, for the year 2017-18.

NEW DELHI:
The 2016 demonetisation of two high-value currencies has led to an all-time high generation of over 14 lakh suspicious transaction reports (STRs), a record 1,400 per cent jump over the past, by banks and other financial institutions in the country, a latest FIU report has found.

The elite financial snooping unit of the country has compiled comprehensive data of such instances, including fake currency deposits, for the year 2017-18. This is the highest-ever figure of STRs since the FIU first started the regime over a decade ago.

The FIU is the central agency under the Union finance ministry that analyses suspicious financial transactions pertaining to money laundering, terror financing and serious instances of tax frauds and crimes.

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The New Indian Express, 31 March, 2019, http://www.newindianexpress.com/nation/2019/mar/31/demonetisation-triggers-1400-per-cent-rise-in-generation-of-suspicious-transaction-reports-financia-1958369.h

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