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Financial Intelligence Unit publishes list of high-risk financial companies

New Delhi, Feb 26: Financial Intelligence Unit (FIU) under the Union Finance Ministry has released a list of about 9,500 Non-Banking Financial Companies (NBFCs). The companies on the list have been categorised as high-risk financial institutions. 

according to the Prevention of Money Laundering Act (PMLA), all Non-Banking Financial Companies have to designate a principal administrator in such financial organisations. This administrator shall subsequently report all cash transactions of over ten lakh rupees to the Financial Intelligence Unit.

The companies listed have been found that they are not following these rules according to a report on January 31, 2018.

The Financial Intelligence Unit has published the list of those non-complying financial institutions on its website revealing the names of NBFCs which have been found non-compliant to the PMLA rules.

Adani Capital Private Limited, Anand Corporate Holdings Pvt. Ltd., Arihant Udyog Ltd., Asian Financial Services Ltd., Avon Money Solution India Limited, Bindal Finvest., Bombay Gas Co Ltd., Cello capital private limited, Dlf Finvest Limited, Eros Merchants (P) Ltd, and Indigo Fincap Pvt Ltd are some of the of the companies listed by the Financial Intelligence Unit.

Following demonetisation in November 2016, NBFCs and various cooperative banks had come under the surveillance of the Income Tax Department and the Enforcement Directorate (ED) for the illegitimate transformation of banned Rs. 500 and Rs 1000 notes.

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