Financial Intelligence Unit (FIU), India’s anti-money laundering agency, wants to scan real estate deals. It has asked states to submit monthly data on registration of properties, a state government official, who did not wish to be identified, told ET. FIU is a central agency responsible for receiving, processing and analysing information relating to suspect financial transactions.
Often the real estate deals in the country involves unaccounted cash transactions leading to money laundering, the official said. Money laundering involves disguising financial assets in a way that they can be used without detection of the illegal activity that produced them. Through money laundering, the launderer transforms the monetary proceeds derived from illegal activities into funds with an apparently legal source.
At present, all property registrars have to send data to income tax authorities on property transactions above Rs 30 lakh as part of the Annual Information Return. The FIU, now, demands data for all property transactions.
More : economictimes.indiatimes.com
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