The Financial Intelligence Unit (FIU) is seeking to verify every real estate transaction, prompting states to submit monthly reports on property registrations. The FIU, a central agency, specializes in receiving, processing, and analyzing information related to suspicious financial activities. In many cases, real estate transactions within the country involve unaccounted cash, potentially leading to illicit fund transfers.
Currently, property registrars are required to provide data to the income tax authorities on transactions exceeding thirty lakh rupees as part of the Annual Information Return. However, the FIU's request encompasses all property transactions, highlighting a broader initiative for financial scrutiny.
The comprehensive data sought by the agency is crucial not only for national oversight but also facilitates coordination with international intelligence efforts in combating money laundering and associated crimes. With timely access to this data, the FIU can act promptly on any intelligence it generates.