The Union Cabinet Thursday approved a revised model Memorandum of Understanding (MoU) between the Financial Intelligence Unit India (FIU-IND) and its counterpart foreign Financial Intelligence Units (FIUs) for exchange of information.
The revised Model MoU was drafted based on Egmont Group Secretariat revised Model MoU 2014, said an official release.
The core functions of FIU-IND in relation to foreign FIUs include screening and processing requests from FIUs, disseminating information to foreign FIUs, establishing and maintaining relationship with foreign FIUs, and facilitating, administering and negotiating MoUs with foreign FIUs.
Most of the foreign FIUs require an MoU to be signed for sharing of information with them.
The Cabinet also gave its ex-post facto approval to the Memorandum of Cooperation (MoC) between India and Japan for cooperation in the Postal field.
The Cabinet was apprised of a Memorandum of Understanding signed between India and Armenia on joint issue of postage stamp, said another release. The MoU was signed in June, 2018.