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PTI | 01:01 PM,Jan 22,2012STRs are those reports which either suggest a reasonable STRs are those reports which either suggest a reasonable ground of suspicion that the transaction may involve the proceeds of crime or financing of terrorism or were made in circumstances of unusual complexity or appear to have no economic rationale or bonafide purpose. An STR includes details of all accounts, transactions, individuals and legal persons or entities related to a suspicious transaction. In the backdrop of these high-number of STRs from the sector, a high-level panel- Casino Sector Assessment Committee (CSAC), headed by the FIU Director, had some time back recommended to the Finance Ministry that the casino business in India should be brought under a "comprehensive legal framework" while "autonomous regulators or Gaming regulators" could be created for strengthening the anti-money laundering and financing of terror regulations in the sector. The recommendation was made by the FIU, the nodal agency for receiving, analysing and disseminating data related to suspect transactions under the Prevention of Money Laundering Act (PMLA), after it carried out an assessment of the sector recently, in terms of detecting and reporting suspicious and counterfeit currency transactions in the sector. The FIU also recommended to the government that the Know Your Customer (KYC) guidelines prevalent in the sector at present should be reviewed and brought at par, as stipulated by global financial bodies like the FATF. Strengthening money laundering laws in the casino sector is one of the major recommendations of the FATF, of which India became a full-member last year.
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