International Current Affairs - 2019

Latest International Current Affairs 2019 with news summaries and current events in International developments, geopolitical, organizations, groupings and fora related updates for India and world with all important national news updates and events for the year 2019.

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Council of Europe restores Voting Rights of Russia

Parliamentary Assembly of the Council of Europe at Strasbourg (France) has voted in favour of restoring Russia’s voting rights, 5 years after they were revoked over its illegal annexation of Crimean Peninsula.

Key Highlights

Background: In 2014 following Russia’s annexation of Crimea, Russia was stripped of its voting rights. Russia then responded by boycotting assembly and since 2017 the country also refused to pay its share of 33 million Euro to human rights watchdog.

Recently, Russia had also threatened the assembly of quitting the body altogether if it is not allowed to take part in election of a new secretary general to body.

Vote: The Parliamentary assembly voted with 118 in favour and 62 against, and 10 abstentions. The voting was undertaken despite strong opposition from Ukraine.

Outcome: This move now paves the way for Russia to participate in election of a new secretary general for pan-European rights body.

About Council of Europe

It is European continent’s leading human rights organisation whose stated aim is to uphold human rights, democracy and the rule of law in Europe. The organisation is separate from European Union (EU).

It was established in 1949 with Headquarters in Strasbourg, France.

Objective: to achieve a greater unity between its members countries for purpose of safeguarding and realising ideals and principles which are their common heritage and also to facilitate their economic and social progress.

Members: It includes 47 member states (including 28 members of European Union).

Month: Categories: International

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What is ‘goAML’ launched by UAE?

The United Arab Emirates (UAE) has become 1st country in Gulf to launch new anti-money laundering platform called ‘goAML’ (Anti-Money Laundering). It is a one-stop solution, launched by UAE to crack down on organised financial crimes.

All about goAML

Developer: It is the new anti-money laundering platform was launched by UAE’s Financial Intelligence Unit (FIU) and is developed by United Nations Office on Drugs and Crime (UNODC) to curb organised crimes.

Features:

It is a fully integrated software solution developed for use by UAE’s FIU. It is being considered as one of the UNODC’s strategic responses to financial crime, such as money laundering and terrorist financing.

It can be used for data collection, document management and analysis and will be used by financial institutions (like banks, finance companies) and law enforcement agencies such as police and designated non-financial businesses and professions (lawyers, accountants).

The platform is specifically customized to help FIU meet requirements of UAE’s Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework and other illicit financial activities.

goAML will facilitate the receipt, analysis and dissemination of suspicious transactions and activity reports.

Compulsory Registration: As per officials of UAE’s Central Bank (in Abu Dhabi) ‘goAML’ has been open for registration since May and all financial entities and Designated Non-Financial Businesses or Professions have to register on this new reporting platform system by 27 June 2019.

Over 900 entities including, banks, insurance companies and money exchange centres are required to register on goAML platform (nearly 50% of them have already registered).

Significance: This new system ensures that UAE financial system remains effective in fight against money laundering and terrorist financing.

About Financial Intelligence Units

Worldwide, FIUs play a leading role in prevention of anti-money laundering (AML) and counter-terrorist financing (CTF) activities.

Function: They receive, process, and analyze reports made by financial institutions or other entities in accordance with requirements of domestic AML/CTF laws and regulations.

Month: Categories: International

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