The International Money Laundering Information Network (IMoLIN) is an Internet-based network assisting governments, organizations and individuals in the fight against money laundering and the financing of terrorism.
IMoLIN was established in 1998 by the United Nations on behalf of a partnership of international organizations involved in anti-money laundering. Some of the participating organizations are UNODC, FATF, Interpol, World Bank, IMF, Asian Development Bank, Commonwealth Secretariat etc. The United Nations Office on Drugs and Crime (UNODC) now administers and maintains IMoLIN on behalf of the partner organizations.
The IMoLIN website serves the global anti-money laundering community by providing information about national money laundering and financing of terrorism laws and regulations, and contacts for inter-country assistance. It also identifies areas for improvement in domestic laws, countermeasures and international co-operation. Policy practitioners, lawyers and law enforcement officers all regularly use IMoLIN. The information on IMoLIN is freely available to all Internet users, with the exception of AMLID (Anti-Money Laundering International Database), which is a secure database.
Some of the UN Instruments that can be invoked in the fight against money laundering are:
- UN Convention Against Corruption
- Conventions against Terrorism
- International Convention for the Suppression of the Financing of Terrorism
- UN Global Programme Against Money Laundering
Some of the Indian legislations and regulations that can be used to crack down on money-laundering activities are:
Benami Transactions (Prohibition) Act 1988
Narcotics Drugs and Psychotropic Substances Act 1985
RBIs KYC Guidelines for Money Changers
SEBIs Guidelines for Anti-Money Laundering Measures
IRDAs Guidelines for Anti-Money Laundering Programme for Insurers
In India, the Financial Intelligence Unit - India (FIU-IND) is the central, national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions to enforcement agencies and foreign FIUs. It was set by the Government of India in 2004. FIU-IND is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.
FIU-IND is not a regulatory authority. Its prime responsibility is to gather and share financial intelligence in close cooperation with the regulatory authorities including Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and Insurance Regulatory and Development Authority (IRDA).
Apart from this RBI has laid down anti-money laundering guidelines for banks and other financial institutions. Similarly SEBI has also prescribed certain requirements relating to Know Your Customer (KYC) norms for financial intermediaries in securities market to combat money laundering.