Property deals to be scanned by FIU


Financial Intelligence Unit wants to cross check every real estate deal. It has asked the states to submit monthly data on registration of properties. FIU is a central agency responsible for receiving, processing and analyzing information relating to suspect financial transactions.

Often the real estate deals in the country involve unaccounted cash transactions. This may result into illegal fund transaction.

At present, all property registrars have to send data to income tax authorities on property transactions above thirty lakh rupees as part of the Annual Information Return. The FIU demands data for all property transactions.

The complete data is required for the agency also for co-coordinating efforts of international intelligence in checking money laundering and related crimes. If timely data are available, any intelligence generated by it could be acted upon promptly.

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