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Places in News – Cayman Islands

October 30, 2023

Context:

  • The Financial Action Task Force (FATF) has removed offshore tax haven Cayman Islands from its ‘grey list’. Besides Cayman, Panama, Jordan, and Albania have been removed from the list.

What is FATF?

  • It is an intergovernmental organization that designs and promotes policies and standards to combat financial crime. 
  • Mandate: Recommendations created by the FATF target  money laundering, terrorist financing, and other threats to the global financial system. 
  • Origin and Headquarters: Created in 1989 at the behest of the G7 and is headquartered in Paris

About Cayman Islands

  • It is a British Overseas Territory located in the Western Caribbean Sea. 
  • The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica. 
  • It has a  low-lying geography with coral reefs. 
  • Economy: It has a mixed economic system, and the islands are a thriving offshore financial center.

News Source: Business Standard

 

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 Final Result – CIVIL SERVICES EXAMINATION, 2023.   Udaan-Prelims Wallah ( Static ) booklets 2024 released both in english and hindi : Download from Here!     Download UPSC Mains 2023 Question Papers PDF  Free Initiative links -1) Download Prahaar 3.0 for Mains Current Affairs PDF both in English and Hindi 2) Daily Main Answer Writing  , 3) Daily Current Affairs , Editorial Analysis and quiz ,  4) PDF Downloads  UPSC Prelims 2023 Trend Analysis cut-off and answer key
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