Current Affairs – June, 2019

Latest Current Affairs June, 2019 with Current Affairs, news summary on current events of National and International importance of June, 2019 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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India proposes to host 2023 IOC session

India has proposed to host 2023 International Olympic Committee (IOC) session in Mumbai, which is expected to choose host city for 2030 Winter Olympics.

Key Highlights

An IOC Session: is the general meeting of members of Committee (about 100-odd), held once in a year, in which each member has one vote. It is the supreme organ of IOC and its decisions are final.

Recent Developments: The formal bid for the purpose of hosting 2023 IOC session was submitted by Indian Olympic Association President Narinder Batra and IOC member Nita Ambani to IOC Chief Thomas Back on the sidelines of governing body’s 134th Session at Lausanne in Switzerland. 134th IOC Session took place from 24 to 26 June 2019.

Why 2023 IOC?

The year 2022-2023 happens to be the 75th year of Indian Independence (since 1947) and thus seems to be the best way for Indian sports to celebrate the anniversary by having entire Olympic community in India.

Background: Earlier, India has hosted the 86th IOC Session in 1983 in New Delhi. Recently, India had expressed its desire to host the ongoing IOC session to decide the 2026 Winter Olympics host but it lost the bid to the Milan (Italian city). But later, Milan stepped back from the role after Italy decided to bid for 2026 Winter Games instead and thus the session is being held at Lausanne in Switzerland.

As per IOC rules, a host city is prohibited from being elected in their home country. The Italian city Milan was named as host of 2026 Winter Olympics.

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.

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