Financial Intelligence Unit

Consider the following statements with reference to the Financial Intelligence Unit – India (FIU-IND):

  1. The FIU- IND was set up by the Government of India in 2005 as the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.
  2. FIU-IND is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.

Choose the correct answer from the codes given below:

Only 1
Only 2
Both 1 and 2
Neither 1 nor 2