MLC Daily Current Affairs – 23 September 2024

Today in History (September 23^rd, 1965)

The End of the Indo-Pakistani War – 1965
The Indo-Pakistani War of 1965 came to an end on this day. The conflict was halted following a UN-mandated ceasefire between India and Pakistan. This war, known as the Second Kashmiri War, was fought over the contested region of Kashmir. Both nations laid claim to this disputed territory, which has remained a contentious issue to this day.

Let’s Revise

A) What is the main objective of the Financial Action Task Force (FATF)?

1. Promoting international trade agreements
2. Combating money laundering and terrorist financing
3. Providing financial aid to developing countries
4. Enhancing diplomatic relations

Answer: B)
Rationale: The FATF’s primary objective is to establish international standards and policies to combat money laundering and the financing of terrorism.

B) When was the FATF established?

1. 1975
2. 1989
3. 1995
4. 2001

Answer: B)
Rationale: The FATF was established in 1989 during the G7 Summit in Paris to develop policies against money laundering.

C) Which country is NOT currently on FATF’s blacklist?

1. North Korea
2. Iran
3. Myanmar
4. Pakistan

Answer: D)
Rationale: Pakistan is not listed on the FATF’s current blacklist; North Korea, Iran, and Myanmar are.

D) What is the consequence of being on FATF’s blacklist?

1. Loss of voting rights in the United Nations
2. No financial aid from IMF, World Bank, ADB, and EU
3. Reduction in international trade tariffs
4. Exclusion from the United Nations Security Council

Answer: B)
Rationale: Countries on the FATF blacklist face restrictions such as not receiving financial aid from major international organizations.

E) How many countries are currently members of the FATF?

1. 29
2. 39
3. 49
4. 59

Answer: B)
Rationale: The FATF currently has 39 member countries including major economies like the United States, India, China, and European countries.

F) What type of countries are placed on FATF’s grey list?

1. Countries supporting humanitarian efforts
2. Countries at risk of becoming blacklisted
3. Countries with high tourism revenues
4. Countries with high agricultural exports

Answer: B)
Rationale: The FATF grey list includes countries that are considered safe havens for supporting terror funding and money laundering, serving as a warning before potential blacklisting.

G) Which summit led to the establishment of the FATF?

1. G7 Summit in Tokyo
2. G8 Summit in London
3. G7 Summit in Paris
4. G20 Summit in Seoul

Answer: C)
Rationale: The FATF was established in 1989 during the G7 Summit held in Paris.

H) What was added to FATF’s mandate in 2001?

1. Environmental protection
2. Human rights advocacy
3. Terrorism financing
4. Educational development

Answer: C)
Rationale: In 2001, FATF expanded its mandate to include combating terrorism financing in addition to money laundering.

I) Which country became a member of FATF in 2010?

1. Brazil
2. Russia
3. India
4. South Africa

Answer: C)
Rationale: India became a member of the FATF in 2010.

J) What is the consequence of being on FATF’s grey list?

1. Suspension from international sporting events
2. Increase in foreign direct investments
3. Additional funding from international aid agencies
4. Warning of potential entry into the blacklist

Answer: D)
Rationale: Countries on the FATF grey list are warned that they may eventually be placed on the blacklist if they do not take sufficient measures against money laundering and terrorism financing.

Summary of Today’s News

The Prime Minister of India is participating in the fourth Quad Leaders Summit in Wilmington, Delaware, in the United State of America (USA).

Current Leaders of Quad in the above image

About Quad Group:
• It is a grouping of four democracies namely

• India,
• Australia,
• US and
• Japan

• QUAD is known as the quadrilateral security dialogue or quad.
• The aim of this grouping is to ensure a free and open international order based on the rule of law in the Indo- Pacific.

Objectives: The group’s primary objectives include

• maritime security,
• addressing the risks of climate change,
• creating an ecosystem for investment in the region, and
• boosting technological innovation.

Historical Background
Origins in Disaster Relief (2004):
• Following the devastating Indian Ocean tsunami, India, Japan, Australia, and the US formed an informal alliance to coordinate disaster relief efforts. This collaboration laid the groundwork for future diplomatic engagement among the four nations.
Formalization as the Quad (2007):
• In 2007, Japanese Prime Minister Shinzo Abe formalized this alliance into the Quadrilateral Security Dialogue, known as the Quad. The initiative aimed to enhance security cooperation in the Asia-Pacific region.
Initial Challenges:
• The Quad faced hurdles due to Chinese resistance and India’s hesitance to fully engage, leading to a stall in progress. This period of dormancy highlighted the complexities of regional geopolitics.
Revival of Discussions (2017):
• The Quad was revived during the ASEAN Summits in 2017, with all four nations re-engaging in talks. This marked a renewed commitment to collaborate on security and regional stability.
Upgrade to Ministerial Level (2019):
• The Quad was elevated to a ministerial level in September 2019, indicating a more structured approach to its objectives and signaling its importance in the geopolitical landscape.
First Virtual Summit (2021):
• In March 2021, the first-ever summit of Quad leaders was held virtually, bringing together the prime ministers and president of each member country. This demonstrated a significant step in solidifying cooperation amid global challenges.
First In-Person Meeting (2021):
• The first in-person meeting of Quad leaders occurred in September 2021 in the US, reinforcing the group’s commitment to collaboration and highlighting its increasing relevance in international affairs.
Lack of Formal Structure:
• Unlike traditional multilateral organizations (e.g., the EU or UN), the Quad is not structured with a secretariat or permanent decision-making body. This flexibility allows member countries to focus on expanding existing agreements and fostering shared values without bureaucratic constraints.
Focus on Shared Values and Cooperation:
• The Quad emphasizes enhancing cooperation on various fronts, such as security, economic growth, and democratic values, reflecting a collective vision for a stable and prosperous Indo-Pacific region.