🔆Financial Action Task Force (FATF) recently suspended Russia’s membership.
📍About Financial Action Task Force (FATF):
✅FATF is
an inter-governmental policy-making and standard-setting body dedicated to combating money laundering and terrorist financing.
✅Objective: To establish international standards, and to develop and promote policies, both at national and international levels, to combat money laundering and the financing of terrorism.
✅It was established in 1989 during the G7 Summit in Paris to develop policies against money laundering.
In 2001 its mandate expanded to include terrorism financing.
✅Headquarters: Paris, France.
✅FATF members include 39 countries, including the United States, India, China, Saudi Arabia, Britain, Germany, France, and the EU as such.
✅India became a member of FATF in 2010.
📍What are FATF 'grey list' and 'blacklist'? FATF has 2 types of lists:
✅Black List:Countries knowns as Non-Cooperative Countries or Territories (NCCTs) are put on the blacklist. These countries support terror funding and money laundering activities. The FATF revises the blacklist regularly, adding or deleting entries.
✅Grey List: Countries that are considered a safe haven for supporting terror funding and money laundering are put on the
FATF grey list. This inclusion serves as a warning to the country that it may enter the blacklist.
✅Three countries North Korea, Iran, and Myanmar are currently in FATF’s blacklist.
#gs2
#ir
@studytoday1
📍About Financial Action Task Force (FATF):
✅FATF is
an inter-governmental policy-making and standard-setting body dedicated to combating money laundering and terrorist financing.
✅Objective: To establish international standards, and to develop and promote policies, both at national and international levels, to combat money laundering and the financing of terrorism.
✅It was established in 1989 during the G7 Summit in Paris to develop policies against money laundering.
In 2001 its mandate expanded to include terrorism financing.
✅Headquarters: Paris, France.
✅FATF members include 39 countries, including the United States, India, China, Saudi Arabia, Britain, Germany, France, and the EU as such.
✅India became a member of FATF in 2010.
📍What are FATF 'grey list' and 'blacklist'? FATF has 2 types of lists:
✅Black List:Countries knowns as Non-Cooperative Countries or Territories (NCCTs) are put on the blacklist. These countries support terror funding and money laundering activities. The FATF revises the blacklist regularly, adding or deleting entries.
✅Grey List: Countries that are considered a safe haven for supporting terror funding and money laundering are put on the
FATF grey list. This inclusion serves as a warning to the country that it may enter the blacklist.
✅Three countries North Korea, Iran, and Myanmar are currently in FATF’s blacklist.
#gs2
#ir
@studytoday1
🔆EU Sanction on Iran drone makers whose drones Russia has been using in war with Ukraine .
The new sanctions aimed at undercutting the financial and military supplies used by Russia in it's invasion in ukrain.
#gs2
#ir
@upsc_4_ir
@upsc_prelims_facts
The new sanctions aimed at undercutting the financial and military supplies used by Russia in it's invasion in ukrain.
#gs2
#ir
@upsc_4_ir
@upsc_prelims_facts
🔆Financial Stability Board (FSB)
Y in news?
✅India recently asked the IMF and Financial Stability Board (FSB) to jointly prepare a technical paper on crypto assets.
📍About Financial Stability Board (FSB):
✅FSB is an international body that monitors and makes recommendations about the global financial system.
✅It was established in April 2009 after the G20 Summit in London as the successor to the Financial Stability Forum.
Mandate:
✅To coordinate at the international level the work of national financial authorities and international standard-setting bodies and to develop and promote the implementation of effective regulatory, supervisory, and other financial sector policies.
✅The FSB, working through its members, seeks to strengthen financial systems and increase the stability of international financial markets.
✅Headquarters: Basel, Switzerland.
✅The board includes all G20 major economies.
✅The FSB consists of 68 member institutions. It comprises several central banks, ministries of finance, and supervisory and regulatory authorities from 25 jurisdictions, as well as 10 international organizations and six Regional Consultative Groups (RCGs).
Framework:
✅The Plenary, which serves as the sole decision-making body.
✅The Steering Committee, which takes forward operational work in between Plenary meetings.
✅Three Standing Committees, each with specific but complementary responsibilities.
✅The FSB’s decisions are not legally binding on its members.
✅India and FSB: India is an active Member of the FSB, having three seats in its Plenary represented by Secretary (Dept of Economic Affairs), Deputy Governor-RBI, and Chairman-SEBI.
Y in news?
✅India recently asked the IMF and Financial Stability Board (FSB) to jointly prepare a technical paper on crypto assets.
📍About Financial Stability Board (FSB):
✅FSB is an international body that monitors and makes recommendations about the global financial system.
✅It was established in April 2009 after the G20 Summit in London as the successor to the Financial Stability Forum.
Mandate:
✅To coordinate at the international level the work of national financial authorities and international standard-setting bodies and to develop and promote the implementation of effective regulatory, supervisory, and other financial sector policies.
✅The FSB, working through its members, seeks to strengthen financial systems and increase the stability of international financial markets.
✅Headquarters: Basel, Switzerland.
✅The board includes all G20 major economies.
✅The FSB consists of 68 member institutions. It comprises several central banks, ministries of finance, and supervisory and regulatory authorities from 25 jurisdictions, as well as 10 international organizations and six Regional Consultative Groups (RCGs).
Framework:
✅The Plenary, which serves as the sole decision-making body.
✅The Steering Committee, which takes forward operational work in between Plenary meetings.
✅Three Standing Committees, each with specific but complementary responsibilities.
✅The FSB’s decisions are not legally binding on its members.
✅India and FSB: India is an active Member of the FSB, having three seats in its Plenary represented by Secretary (Dept of Economic Affairs), Deputy Governor-RBI, and Chairman-SEBI.
🔆What r the possible Consequences of choosing a middle path in a new world order?
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#ir
@upsc_4_IR
@upsc_the_hindu_ie_editorial
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@upsc_4_IR
@upsc_the_hindu_ie_editorial
🔆UK and European commission stand together to repair their post-brexit tension on northern ireland , the new deal between two labelled as Windsor framework ...what r the possible outcomes of this new deal ?
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#ir
@upsc_the_hindu_ir_editorial
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@upsc_the_hindu_ir_editorial
Forwarded from UPSC Editorial analysis
India’s trade deficit with China has crossed the $100 billion mark for the first time ever in the history of India-China bilateral trade relations.
Overview of Trade Relation Between Both Countries
✅The Trade and Economic Relationship between both the countries reached to a record level of $135.98 billion in the year 2022, with India’s imports accounting for $118.5 billion.
✅ China is one of the largest trading partners of India, its position generally remains at 1 or 2.
Overview of Trade Relation Between Both Countries
✅The Trade and Economic Relationship between both the countries reached to a record level of $135.98 billion in the year 2022, with India’s imports accounting for $118.5 billion.
✅ China is one of the largest trading partners of India, its position generally remains at 1 or 2.
🔆India's tie with Germany could be Vital in shaping new global order
#gs2
#ir
@upsc_4_ir
@upsc_the_hindu_ie_editorial
#gs2
#ir
@upsc_4_ir
@upsc_the_hindu_ie_editorial
Forwarded from UPSC Economy
🔆India US to launch a semiconductor sub committee
Memorandum of Understanding (MoU) on establishing a semiconductor supply chain and innovation partnership under the framework of India – US Commercial Dialogue was signed between the two countries.
The MoU seeks to establish a collaborative mechanism between the two governments on Semiconductor Supply chain resiliency and diversification in view of the US’s CHIPS and Science Act and India’s Semiconductor Mission.
Memorandum of Understanding (MoU) on establishing a semiconductor supply chain and innovation partnership under the framework of India – US Commercial Dialogue was signed between the two countries.
The MoU seeks to establish a collaborative mechanism between the two governments on Semiconductor Supply chain resiliency and diversification in view of the US’s CHIPS and Science Act and India’s Semiconductor Mission.