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  Business   Companies  05 Jul 2017  Banking transactions of govt employees under CVC scanner

Banking transactions of govt employees under CVC scanner

PTI
Published : Jul 5, 2017, 4:56 pm IST
Updated : Jul 5, 2017, 4:56 pm IST

CVC has been regularly getting suspicious transactions reports from Financial Intelligence Unit.

Government employees have been found to be involved in suspicious banking transactions.
 Government employees have been found to be involved in suspicious banking transactions.

New Delhi: The Central Vigilance Commission (CVC) has stepped up its examination of suspicious banking transactions by government employees to check corruption.

"The Commission is getting good inputs from the Financial Intelligence Unit (FIU) and necessary action is being taken on them," Vigilance Commissioner T M Bhasin told PTI today.

 

The CVC has been regularly getting suspicious transactions reports (STRs) from the Financial Intelligence Unit (FIU) on dubious banking transactions involving public servants.

FIU is tasked with collecting, analysing and disseminating information related to financial transactions suspected to be involving black money or proceeds of crime.

STR is a transaction of Rs 10 lakh and above believed to be proceeds of crimes including that from black money. The main idea behind this exercise is to check the flow of proceeds through corrupt means and block all channels of routing black money through the banking system, officials said.

The examination of STRs will help in checking cases of collusion between private persons and government employees in corrupt practises, they said.

 

Besides the CVC, the FIU shares information with several other agencies, including the  Enforcement Directorate, Central Bureau of Investigation, Reserve Bank of India, Securities and Exchange Board of India, National Investigation Agency, Central Economic Intelligence Bureau and chief
secretaries of state governments.

The Supreme Court-appointed Special Investigation Team on black money is also one of the notified organisations which can seek information from FIU, an independent body reporting directly to the Economic Intelligence Council headed by the finance minister.

Tags: cvc, central vigilance commission, suspicious banking transactions, corruption
Location: India, Delhi, New Delhi