[Prelims Spotlight] Financial Action Task Force (FATF), Capital & Current account convertibility, Basadis

Here are  Back2Basics collections from today’s news items

B2B #1: From news- Global funding watchdog hands 10-point plan to Pakistan

Financial Action Task Force (FATF)

  1. FATF is an inter-governmental body established in 1989 by the Ministers of its Member jurisdiction
  2. The FATF is a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas
  3. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system
  4. The FATF has developed a series of Recommendations that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction
  5. The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally
  6. The FATF’s decision-making body, the FATF Plenary, meets three times per year

B2B #2: From news- RBI steps in as rupee hits record low

Capital & Current account convertibility

Capital and Current Account Convertibility in India

Here’s a Factoid to brush up your concepts

Key words related to History : Basadis

Dynasty/era : Ancient India

Meaning : Basadi is a Jain shrine or temple. The word is generally used in South India, as well as in Maharashtra. Its historical use in North India is preserved in the names of the Vimala Vasahi and Luna Vasahi temples of Mount Abu.

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