Current Affairs – October, 2019

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

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FATF Plenary meet: Pakistan to be scrutinized

The six-day plenary meeting of FATF – Financial Action Task Force is to be held in Paris. It is a part of the FATF Week that is being celebrated between October 13 and October 18, 2019. The meeting is attended by representatives from 205 countries and jurisdictions all around the world. It includes IMF, UN, World Bank and other leading organizations. The meeting will focus on financial flows that are linked to terrorism and crime.

The China Factor in the Meet

It is the first Plenary meeting under the Presidency of China. Among the important factors to be discussed in the meet the progress by Pakistan, Iran and other countries that present risk to the financial system is highly crucial, especially for China. This is because, Pakistan being an all-weather ally of China, all eyes are to be focused on China.

In the June Plenary meet, Pakistan received 3 needed votes from China, Turkey and Malaysia. This prevented the country from entering the blacklist.

India, UK and USA want Pakistan to be included in FATF Black list while China and Turkey are against the move.

FATF on Pakistan

The countries are recommended to the blacklist category based on the Mutual Evaluation Report. According to the report published in 2019, of 10 effective ratings, Pakistan was found low in 9 areas.

In its money laundering report, 2019, FATF slammed Pakistan for its terror funding.

Plenary meet

The FATF plenary year begins in July and ends in June. Every year, the FATF holds three plenary meetings. They usually take place in October, June and February. This October the following discussions are to be made in the plenary meet

  • To assess if the countries are regulating virtual asset sector to prevent misuse of crime and terror
  • To assess Russia and Turkey measures to combat money laundering
  • To discuss the impact of “stable coins” on the supervision of virtual assets
  • Actions taken by Ireland, Denmark, Norway, Singapore, Spain and Saudi Arabia since their assessments
  • Developments in financing of Al – Qaeda, ISIL and Affiliates

FATF Blacklist

The FATF black list or the OECD black list is issued by the FATF since 2000. Such description is given to those countries that are non – cooperative in the global fight against money laundering and terrorist financing. The FATF is updated regularly.

Current South Korea and Iran are in the FATF Blacklist category.

FATF Grey list

The FATF Grey list comprises of those countries that have flaws in their financial regulation. The countries that are currently under FATF grey list are Bahamas, Botswana, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Sri Lanka, Syria, Trianidad and Tobago, Tunisia and Yemen

Pakistan was added to the Grey list category in 2012 and later was removed from the list in 2015. However, in 2018 it was again added to the grey list category.

Sourav Ganguly set to be new BCCI president

Former Indian captain Sourav Ganguly is all set to become the new president of Board of Control for Cricket in India (BCCI) with elections unlikely to be held at BCCI’s Annual General Meeting on October 23. He defeated Brijesh Patel in a see-saw battle and is expected to be the only presidential nominee.

The 47-year-old Sourav Ganguly currently holds the presidency of Cricket Association of Bengal (CAB). He will have to demit his post in September 2020 due to a compulsory cooling-off period.

Key Highlights

In an informal setting held in Mumbai, all the BCCI members came together in a unanimous stand against Supreme Court Committee of Administrators’ (COA) functioning, and signalled their return to the corridors of Indian cricket administration by choosing Sourav Ganguly to be next president of BCCI.

At the meet, two powerful lobbies, one backed by Anurag Thakur and another by N Srinivasan, pushed for their candidate Sourav Ganguly and Brijesh Patel respectively, to be appointed next BCCI president.

It was later agreed that Sourav Ganguly would become hold the next BCCI presidency while Karnataka’s Brijesh Patel would now take over as chairman of IPL Governing Council.

About Board of Control for Cricket in India (BCCI)

It is the national governing body for cricket in India that was formed in December 1928. It was established as a society and registered under Tamil Nadu Societies Registration Act.

Organisation Structure: BCCI will have a nine-member apex council. It will constitute of- President, vice-president, secretary, joint secretary, treasurer, a male and a female representative of cricketers’ association, a representative from central government and a representative from IPL Governing Council .

Other Recent Appointments:

Gujarat’s Jay Shah, son of Union Home minister Amit Shah, is likely to be secretary while Himachal Pradesh’s Arun Singh Thakur is likely to become treasurer. Devajit Saikia from Assam Cricket Association is in contention to be Board’s joint secretary.

Former India opener Anshuman Gaekwad has been elected as male representative of cricketers association while former India women’s captain Shantha Rangaswamy has been elected female representative of cricketers’ association and former Delhi cricketer Surinder Khanna will be the IPL Governing Council representative at Council.

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