Source: TH Context: The Financial Action Task Force (FATF), during its ongoing plenary in Paris, is expected to deliberate on the issue of state-sponsored terrorism financing. About Financial Action Task Force (FATF): What it is? The FATF is an intergovernmental policy-making body that sets global standards to combat money laundering, terrorist financing, and proliferation financing. …
Syllabus: Internal Security Source: TOI Context: The Enforcement Directorate (ED) has raided 11 locations in Delhi-NCR and Dehradun in a ₹260 crore global cyber fraud case, where scammers posed as fake police and laundered extorted funds using cryptocurrencies and hawala networks. About Money Laundering via Cryptocurrency: What is Money Laundering via Cryptocurrency? Money laundering through …
Source: NIE Context: The government has issued an alert about the ‘Pig Butchering Scam’, a cyber fraud targeting unemployed youth, students, and vulnerable individuals. The Indian Cyber Crime Coordination Centre (I4C) and Google are collaborating to combat this scam, which involves money laundering and cyber slavery. About Pig Butchering Scam: What is the Pig Butchering Scam? …
UPSC CURRENT AFFAIRS – 21 September 2024 covers important current affairs of the day, their backward linkages, their relevance for Prelims exam and MCQs on main articles InstaLinks : Insta Links help you think beyond the current affairs issue and help you think multidimensionally to develop depth in your understanding of these issues. …
Syllabus: Internal Security: Money laundering Source: FATF Context: India has made significant progress in complying with FATF standards and tackling illicit finance, but it needs to continue improving as its economy grows. The (Mutual Evaluation Report) MER on AML (Anti-money laundering) and CFT (Countering Terror Financing) measures placed India in the “regular follow-up” category, …
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UPSC CURRENT AFFAIRS – 6 July 2024 covers important current affairs of the day, their backward linkages, their relevance for Prelims exam and MCQs on main articles InstaLinks : Insta Links help you think beyond the current affairs issue and help you think multidimensionally to develop depth in your understanding of these issues. These …
Source: ET Context: Banks are intensifying scrutiny on new sole proprietorship and individual current accounts to combat ‘money mule’ activities, aiming to deter money laundering and digital frauds. What is a Money Mule? A money mule is a person who allows their bank account to be used by criminals to transfer illegally obtained money. …
Facts for Prelims (FFP) Source: IE Context: The Ministry of Electronics and Information Technology (MeitY) has issued blocking orders against 22 illegal betting apps and websites, including the Mahadev online betting platform, following the investigations by the Enforcement Directorate (ED) into the illegal betting app syndicate. What is Mahadev app case? The case …
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GS Paper 2 Syllabus: Governance Source: Indian Express Context: Recently, The Ministry of Home Affairs has cancelled the Foreign Contribution (Regulation) Act (FCRA) licence of the Rajiv Gandhi Foundation (RGF) and Rajiv Gandhi Charitable Trust (RGCT) for alleged violations of the provisions of the Act. The NGOs came under the scanner in July 2020 …
GS Paper 2: Topics Covered: Role of NGOs. Context: Representatives of NGOs, middlemen and public servants of Foreign Contribution Regulation Act (FCRA) division of MHA were recently arrested by the CBI for committing violations of FCRA provisions and facilitating illegal clearances in lieu of bribes”. What’s the issue? FCRA clearances have been a …
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GS Paper 2: Topics Covered: Role of NGOs. Context: The Supreme Court on Friday upheld the 2020 amendments made to the Foreign Contribution (Regulation) Act 2010, which introduced restrictions in the handling of foreign contributions by organizations in India. The judgment came in response to PILs challenging the Foreign Contriubtion(Regulation) Amendment Act 2020(Noel Harper …
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Topic: money laundering and its prevention. 5. What influence does money laundering have on economic development? Examine the recent steps taken by India to counter money laundering. (250 words) Difficulty level: Moderate Reference: The Hindu , Insights on India Why the question: The government on Wednesday informed the Supreme Court that ₹18,000 crore was confiscated under …
GS Paper 2: Topics Covered: Role of NGOs. Context: The Supreme Court has asked 6,000-odd NGOs to go back to the government for redressal of their grievances on non-renewal of their Foreign Contribution Regulation Act (FCRA) registration. A petition was filed in the court asking the NGOs to be allowed to continue receiving …
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GS Paper 2: Topics Covered: Role of NGOs. Context: Among the 6,000 NGOs that did not have their FCRA registration renewed by the Ministry of Home Affairs (MHA) recently are also included the Tirumala Tirupati Devasthanams (TTD), the Ramakrishna Mission, and Shirdi’s Shri Saibaba Sansthan Trust (SSST). Please note: The Foreign Contribution (Regulation) …
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GS Paper 2: Topics Covered: Government Policies and issues arising out of their implementation. Context: The Union Home Ministry has refused to renew the FCRA registration of Missionaries of Charity (MoC), a Catholic religious congregation set up by Nobel laureate Mother Teresa, as “some adverse inputs were noticed”. The Foreign Contribution Regulation Act (FCRA) …
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GS Paper 3 Topics Covered: Awareness in the fields of IT, Space, Computers, robotics, nano-technology, bio-technology and issues relating to intellectual property rights. Context: Reserve Bank of India (RBI) Shaktikanta Das has sounded alarm on cryptocurrencies, cautioning investors on the potential pitfalls of the digital currency. Concerns raised: Cryptocurrencies are a very serious concern from …
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GS Paper 2 Topics Covered: Important International Institutions. Context: Pakistan will continue to be on the ”Grey List” of the FATF as it needs to “further demonstrate” that action is being taken against UN-designated terrorists like India’s most wanted Hafiz Saeed and Masood Azhar, and groups led by them. What next? On the …
GS Paper 3 Topics Covered: Money laundering related issues. fugitive economic offender Context: Fugitive diamond merchant Nirav Modi’s attempts to get the fraud allegations against him dismissed suffered a major setback after the bankruptcy court in New York dismissed his petition. Background: UK High Court had granted fugitive diamond merchant Nirav Modi permission …
GS Paper 2 Topics Covered: Money laundering related issues. Fugitive economic offender Context: UK High Court has granted fugitive diamond merchant Nirav Modi permission to appeal against a magistrates’ court order, in favour of extradition to India to face charges of fraud and money laundering before the Indian courts, on mental health and human …
Table of Contents Introduction Tax Heavens Offshore Financial Centers Money Laundering Hawala System Round Tripping 1. Participatory Notes 2. Raising Capital by Global Depository Receipts 3. Money coming in NGOs and Charitable Institutions 4. Transfer Pricing Effects of Black …
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