GS-III: Money Laundering and Its Prevention
In view of Pakistan’s recent removal from the grey list, evaluate the performance of FATF in fighting terror financing.
The Financial Action Task Force (FATF) has recently decided to remove Pakistan from its grey list. The step has been taken keeping in mind the country’s significant progress in strengthening legal and government mechanisms and enhancing the monitoring capacity. FATF: ..
Topics: GS-II: Important International Institutions Agencies and Fora • GS-III: Money Laundering and Its Prevention
The increasing popularity of virtual assets is also increasing the risk of its misuse for money laundering activities. Elaborate. Also, suggest measures to mitigate the risk.
Virtual assets are those, which are created and stored using Blockchain technology, e.g. cryptocurrency like Bitcoin. They have been criticised for their ability to aid money laundering in following ways: Virtual assets offer their users anonymity. It is easy to ..
Topics: GS-III: Money Laundering and Its Prevention
Mention the key objective of the foreign contribution Regulation Act (FCRA). The recent amendments in the Act have faced criticism from various sections. Analyse.
The Foreign Contribution Regulation Act (FCRA) seeks to regulate the flow of foreign exchange flowing into the non-government organisations and other entities. Key objectives behind the act: Helps in checking money laundering. Check on undue foreign influence on NGOs. Fostering ..
Topics: GS-II: Pressure Groups and Formal Informal Associations • GS-III: Money Laundering and Its Prevention
The Financial Action Task Force has played a very crucial in fighting with the menace of money laundering. Elaborate.
Financial action task force is an intergovernmental organisation started by G7. It is headquartered in Paris and its secretariat services are provided by OECD. Features: Prevent the money laundering, state sponsoring of terror, and terror financing. Ensures a economic order, ..
Topics: GS-III: Money Laundering and Its Prevention
Tackling the Black Money Menace
India’s black money problem has been largely misdiagnosed with the legislative measures in addressing the black money falling short. The Black money act which was aimed to bring the unaccounted money parked as overseas assets was able to accomplish only ..
Topics: GS-III: Money Laundering and Its Prevention
What are the controversial provisions of UAPA?
Unlawful Activities Prevention Act (UAPA) was brought in to empower the state to prevent the unlawful activities and associations. But these special powers have become controversial and have often been the reason for calls which have been demanding repealing of ..