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18th October 2019 Current Affairs

UN Human Rights Council

  • Venezuela has won a seat on the United Nations Human Rights Council, despite widespread criticism of its poor human rights record.
  • UNHRC – It was established in 2006 as part of the UN’s reform process.
  • It replaced the United Nations Commission on Human Rights.
  • UNHRC is an inter-governmental body within the United Nations system, made up of 47 States.
  • Members are elected by the UN General Assembly with 3-year terms, with a maximum of 2 consecutive terms.

Merchant Discount Rate

  • MDR is the fee a merchant pays to Bank for providing debit and credit card services.
  • It compensates the bank issuing the card, the bank which puts up the swiping machine (Point-of-Sale or PoS terminal) and network providers such as Mastercard or Visa for their services.

FATF’s direction to Pakistan

  • The Financial Action Task Force (FATF) gave a stern warning that it will be in the blacklist if it does not fulfil the global standards criteria on combating terrorist financing by February 2020.
  • It retained Pakistan on the “grey list”, which is accorded to it in 2018.
  •  Since it continues to be in the Grey List, it would be difficult for the country to get financial aid from the IMF, the World Bank, ADB and the European Union.
  • The FATF is Paris based inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.

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