Importance of UCBs In India, like many other countries in the world, cooperative movement started as a means of ensuring that the poorly equipped citizens have similar advantages that better placed persons were able to command. This was ensured by the pooling in of their individual resources.
Innovative technological solutions, too, while helping to strengthen the safeguards and controls on financial flows, also open up new scenarios in which crime can occur, exploiting the weaknesses of a regulatory framework not yet fully harmonized at European level and not yet in step with rapid technological developments. The complexity and continuous evolution of these risks require effective and timely supervisory action.