Financial Action Task Force (FATF)
Financial Action Task Force (FATF) The Financial Action Task Force (FATF) is an inter-governmental body that was established by the G-7 Summit held in Paris in 1989 to examine and develop measures to combat money laundering. In 2001, the FATF expanded its mandate to incorporate efforts to combat terrorist financing, in addition to money laundering. It is mainly a “policy-making body” in the sense that it develops necessary policy to bring about national legislative and regulatory reforms to combat money laundering and terrorist financing. The FATF Secretariat is housed at the OECD headquarters in Paris. Objectives of FATF Set standards and take measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. Monitor the progress of its members in implementing necessary measures. Review money laundering and terrorist financing techniques and counter-measures. In collaboration with other international stakeholders, the FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse. In accordance with its mandate, FATF has issued several recommendations on money laundering and terror financing popularly known as the forty-plus nine recommendations. The FATF also has two lists called the Grey list and the Black list. Members of FATF As of 2018 FATF consists of thirty-six member jurisdictions. It also consists of two regional organisations, the European Commission and the Gulf Co-operation Council. India is a member of FATF. Forty plus Nine Recommendations FATF issued the Forty Recommendations on money laundering and the Nine Special Recommendations (SR) on Terrorism Financing (TF). These recommendations together are known as the Forty plus Nine Recommendations. The Lists The lists are a categorization or classification used by FATF to deal with terrorist and its facilitators. The Grey List The countries listed on this list will be subjected to direct monitoring and intense scrutiny by the International Cooperation Review Group (ICRG) on terror financing. The listed country will be squeezed of its funds and its economy pressurized and make it harder to meet its mounting foreign financing needs, including potential future borrowings from International Monetary Fund (IMF). These countries will find it more difficult to tap funds from international bond markets as their credit-ratings will be downgraded by international banking and credit rating agencies. It will also suspend international funds and aid to grey listed countries. The Black list The FATF Black list is a list of “Non-Cooperative Countries or Territories” (NCCTs). It was issued in 2000. The list contains countries which FATF judges to be non-cooperative in the global fight against money laundering and terrorist financing. Read Also Mudra Yojana
New US Visa Order
New US Visa Order U.S. President Donald Trump has suspended foreign work visa. It includes the H-1B, H-2B, J, and L nonimmigrant visa programmes. The proclamation comes into effect from June 24. It will be effective until December 31, 2020. Trump said that the step was necessary to protect employment for Americans in the context of corona pandemic. H1-B Visa are non-immigrants visa that allows US companies to employ foreigners to work temporarily in specialised fields such as IT, finance, accounting, architecture, engineering, mathematics, science, medicine, etc. Any professional level job that usually requires you to have a bachelors degree or higher can come under the H-1B visa for specialty occupations. Applying for a non-immigrant visa is generally quicker than applying for a US Green Card, therefore the H-1B visa is popular for companies wishing to bring in staff for long-term assignment in the US. Read Also Secrecy of Ballot The move could have an economically debilitating impact on the Indian IT and Information Technology Enabled Service (ITeS) sectors. It does not have an impact on lawful permanent residents of the U.S. Or on foreign nationals who are spouses or child of an American citizen. Foreign nationals seeking to enter the U.S. to provide temporary labour or services essential to the food supply chain are also exempted. Various lawmakers, business organisations, human right activists have opposed this move. Read Also Social justice in health sector Enroll today with the best civils service academy and take your first step towards your Civils journey.Feel free to reach out to us for any inquiries, collaborations, or support. We’re here to help. contact us
Virtual EAG plenary meet
Virtual EAG plenary meet 32nd special Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) plenary meeting were conducted through video conferencing under the aegis of Financial Action Task Force (FATF). The EAG is a regional body comprising nine countries: India, Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Belarus. EAG is an associate member of the FATF. The global watchdog, which is actively monitoring the impact of the pandemic on measures to combat illicit financing, released a paper last month on “COVID-19 related Money Laundering and Terrorist Financing Risks and Policy Responses”. It observed an increase in the COVID-19 related crimes, including fraud, cyber-crime, misdirection or exploitation of government funds or international financial assistance. Enroll today with the best civils service academy and take your first step towards your Civils journey. Feel free to reach out to us for any inquiries, collaborations, or support. We’re here to help.. Contact us
BeiDou Navigation Satellite System
BeiDou Navigation Satellite System China successfully launched the last satellite of its BeiDou Navigation Satellite System (BDS). The satellite, the 55th in the family of BeiDou that means “Big Dipper” in Chinese, was successfully sent into space by a Long March-3B carrier rocket. The launch will mark the completion of the country’s domestically developed BeiDou network, one of the four global navigation networks alongside with the US’ GPS, Russia’s GLONASS and the European Union’s Galileo. India too is building its navigational system called the Indian Regional Navigation Satellite System (IRNSS), with an operational name of NAVIC. Navigation satellites system allow users to access high-accuracy navigation, positioning and timing as well as communication services. Read Also ISRO & Indian Space Technology Enroll today with the best civils service academy and take your first step towards your Civils journey.Feel free to reach out to us for any inquiries, collaborations, or support. We’re here to help. contact us
Virtual EAG plenary meet
Virtual EAG plenary meet 32nd special Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) plenary meeting were conducted through video conferencing under the aegis of Financial Action Task Force (FATF). The EAG is a regional body comprising nine countries: India, Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Belarus. EAG is an associate member of the FATF. The global watchdog, which is actively monitoring the impact of the pandemic on measures to combat illicit financing, released a paper last month on “COVID-19 related Money Laundering and Terrorist Financing Risks and Policy Responses”. It observed an increase in the COVID-19 related crimes, including fraud, cyber-crime, misdirection or exploitation of government funds or international financial assistance.
Digital tax
Digital tax There is a growing opinion among states that tech giants are exploiting tax rules and there is need to establish a global framework to tax them from where they operate. In January, 137 countries agreed to negotiate a deal on how to tax tech multinationals by 2020-end, under the auspices of the OECD. European countries, in particular, say the so-called GAFA — Google, Apple, Facebook and Amazon — are unfairly exploiting tax rules that let them declare profits in low-tax havens, depriving them of a fair share of their fiscal payments. However U.S. slaps the moves as discriminatory against them. Read Vivad se Vishwas scheme Enroll today with the best civils service academy and take your first step towards your Civils journey. Feel free to reach out to us for any inquiries, collaborations, or support. We’re here to help. Contact Us
Implementation of the Code on Wages Act, 2019
Implementation of the Code on Wages Act, 2019 The Union Labour and Employment Ministry published the draft rules framed for the implementation of the Code on Wages Act, 2019, that guarantees minimum wages to all, defines how the wages will be calculated and prescribes a national floor wage for all States. The Code on Wages was the first of the four codes proposed by the government as a part of its labour law reforms that was passed by Parliament in August 2019. It subsumes the Payment of Wages Act, 1936, the Minimum Wages Act, 1948, the Payment of Bonus Act, 1965 and the Equal Remuneration Act, 1976. According to the draft rules, the basis for calculating the minimum wage would be a standard working class family of one earning worker, a spouse and two children, a net intake of 2,700 calories per day each, 66 metres of cloth per year, rent expenditure equal to 10% of the food and clothing expenditure, fuel, electricity and other miscellaneous expenses of 20% of minimum wage and expenditure on children’s education, medical care, recreation and contingencies amounting to 25% of minimum wage. Read Also Government of India Act of 1919 Enroll today with the best civils service academy and take your first step towards your Civils journey. Feel free to reach out to us for any inquiries, collaborations, or support. We’re here to help. join now
Moplah Rebellion of 1921
Moplah Rebellion of 1921 The centenary of Moplah rebellion is approaching this year and the decision to make a movie on the subject has erupted controversy in Kerala. Moplah rebellion of 1921 happened in Malabar was arguably the greatest challenge to British rule between the great uprising of 1857 and the Quit India movement of 1942. Multiple factors contributed to the character of the movement. These included economic distress, anger against foreign rule and the tenancy laws it instituted, and religious zeal. The immediate trigger for the rebellion was Khalifat and Non-Cooperation movement, but the agrarian distress and landlord system are deep roots of the uprising. The British suppressed the revolt using military and brute force. The associated violence and forced conversion by religious fanatics put the revolt in bad light, which otherwise is an agrarian and nationalistic movement. The wagon tragedy incident is related to the Malabar/ Moplah rebellion of 1921.
Extending postal ballot to senior citizens
Extending postal ballot to senior citizens The EC notified amendments to the Conduct of Election Rules on June 19, extending the postal ballot facility — that so far was available only for armed forces personnel and government servants posted abroad — to those above 65 years and anyone suffering from COVID-19. The Representation of the People Act, 1951 provides for any person to be given the postal facility by the ECI in consultation with the government. The ECI had recommended that three categories of electors – those 80 years and above, persons with disabilities, and essential services workers – be given the postal ballot facility. With the country in lockdown since March 25 and those above 65 years categorised as vulnerable in case of COVID-19 infection, the ECI decided to extend the postal ballot facility to them and those in home or institutional quarantine due to the virus. Read Also Mudra Yojana However, It would jeopardise the democratic process of free and fair elections and would lead to malpractices and foul play by those parties which are in power and have resources. With the postal ballot, there was a greater chance of disclosure of voter’s preference to the public at large, which violated the fundamental premise of right to secrecy of vote. The migrant workers and non-resident Indians are quasi disenfranchised section, fo whom their Ned to put in a mechanism to exercise their franchise. Enroll today with the best civils service academy and take your first step towards your Civils journey. Feel free to reach out to us for any inquiries, collaborations, or support. We’re here to help. join now
MGNREGS needs extension
MGNREGS needs extension In the last two months(May- June 2020) majority of the poor rural households have nearly completed their full quota of employment under the MGNREGS scheme. According to the finding, 8.4 lakh poor households have completed at lest 80 of 100 day limit for work and 1.4 lakh completed full quota. The surge in demand for job under MGNERGS , despite swell in agrarian employment due to good monsoon, is attributed to excess labour supply by reverse migration from cities and economic distress due to corona pandemic and lockdown. The MGNERGS not only acted as insurance for rural populations in times of distress but also acted as an antidote to fall in demand and consumption by poor constraint economy. The scheme also acted as a vehicle for rural development. In the context Corona pandemic and its impact on the economy, the scheme helps in creating employment, boost consumption and aid economic recovery. Extension of 100 day limit for guaranteed employment for rural poor, an expansion of the scheme to cover urban area and comprehensive implementation of the scheme are much-needed reforms in the given circumstances. Read Also Minimum Support Price (MSP) Enroll today with the best civils service academy and take your first step towards your Civils journey. Feel free to reach out to us for any inquiries, collaborations, or support. We’re here to help. join now
