GCC Current Affairs - 2019

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Saudi Arabia becomes 1st Arab country to get full FATF membership

Saudi Arabia has become 1st Arab country to be granted full membership of Financial Action Task Force (FATF) following FATF’s Annual General Meeting held in Orlando, Florida in United States (US).

Saudi Arabia and FATF

Background: Since November 2004, Saudi Arabia has been a founding member of Middle East and North Africa (MENA) arm of FATF group. At the beginning of 2015 Saudi Arabia had received an invitation from FATF as an observer member.

Now, the kingdom’s accession came as global money laundering watchdog celebrated 30th anniversary of its 1st meeting held in Paris (France) in 1989.

The full membership to Saudi Arabia comes after it was reported that Kingdom had made tangible progress for its efforts in implementing FATF’s guidelines.

What is FATF?

It was established in 1989, with headquarters in Paris, France.

Members: FATF comprises of 37-member jurisdictions and 2 Regional Organisations namely Gulf Cooperation Council (GCC) and European Commission (EC). With kingdom becoming a FATF member, the number of permanent members in group is now 39.

FATF Plenary: is FATF’s decision making body. It meets three times per year.

Function: The Financial Action Task Force is an international group responsible for issuing international standards, policies and best practices for combating money laundering, terrorist financing and proliferation and other related threats to integrity of international financial system.

Recent Developments: FATF has notified that Pakistan failed to complete its action plan on terror financing and has strongly urged Pakistan to swiftly complete its action plan by October 2019 or else face consequences.

India to add 3 Million Tech Jobs by 2023: ISF

According to Indian Staffing Federation’s (ISF) Tech Employment Projections, the Indian tech industry will add another three million new jobs in next 5 years.

Key Highlights

  • With the addition of 3 million new jobs in next 5 years, the size of country’s tech army will reach seven million by 2023.
  • Job Areas: All these new technical jobs would come up in digital technology areas such as Machine Learning (ML), Artificial Intelligence (AI), Data Science, Internet of things (IOT), Analytics, Big Data, Blockchain and Augmented Reality (AR).
  • These newer technology areas which at presently are relatively unknown, are expected to emerge and evolve in the next few years.
  • Significance: The data shows visible behavioral change happening in global IT and ITes sectors. These employment projections give big relief to millions of software engineering students and young techies, amid talks about jobless growth with automation that may replace humans with robots.
  • Data Collected: Data for projections are gathered from interaction with companies, such as Indian tech firms, global capability centres of hundreds of international firms, MNCs, enterprises like e-com, BFSI, pharma and telecom etc
  • It shows that due to technology innovation activities in India, the new and existing Global In-House Centres (GCCs) have increased hiring. Also, other than 1,300 global in-house centres (earlier called captive units) presently working in India, about 400 new are coming up in 2019.
  • It emphasises that India does not have a job problem rather an employed poverty problem.
  • Suggestions: The only sustainable way to address job problem is by industrialisation, formalisation, urbanisation and financialisation of India’s human capital.

About Global In-House Centres (GCCs)

  • GCCs were called Captive Centers in early 1990s.
  • These are offshore centers (business unit) of a company that performs designated functions for large organizations. Although it is an entity on its own but at the same time retains work and close operational tie ups within the parent company.

About India Staffing Federation (ISF)

  • It is a global Multinational organization (MNC) based in United States. It is also the apex body for ‘flexi’ working industry.
  • It acts as an organizing union mainly for ethnic Indians in fields of job recruitment, and also performs outsourcing functions for businesses like employment background screening.