Delhi – RBI Signs Agreement with CEIB to Provide Bank Reports for Money Laundering Investigation
04 Jan 2016

The Reserve Bank of India (RBI) has finally agreed to comply with the Central Economic Intelligence Bureau’s (CEIB) investigations into money laundering and banking law violations in India.

This news comes following mounting pressure from the CEIB to release extracts of its bank’s inspection and scrutiny reports from previous meetings with the Economic Intelligence Council.

RBI had reportedly refused to share this information due to legal issues, including the CEIB not being a statutory body. However, the Law Ministry has confirmed that the law does not restrain RBI from sharing inspection reports with CEIB or other law enforcement agencies.

The central bank was also found to be sharing information from the reports with another intelligence agency, the Intelligence Bureau – which was similarly not a statutory body.

RBI is expected to sign a Memorandum of Understanding with the CEIB in the near future, agreeing to share relevant information from the reports.

Meanwhile, the CEIB will continue to work alongside other law enforcement agencies to investigate financial crimes including violations of KYC guidelines and the Prevention of Money Laundering Act.

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