Black money: Switzerland ratifies automatic exchange of information with India

Agencies
June 16, 2017

Berne/New Delhi, Jun 16: Switzerland on Friday ratified automatic exchange of financial account information with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money, even as it sought strict adherence to confidentiality and data security.Switzerland

Adopting the dispatch on introduction of the AEOI, a global convention for automatic information exchange on tax matters, the Swiss Federal Council said the implementation is planned for 2018 and the first set of data should be exchanged in 2019.

The council, which is the top governing body of the European nation, will soon notify the Modi government about the exact date from which the automatic exchange would begin.

As per the draft notification approved by the council in its meeting today, the decision is not subject to any referendum - which means there should be no further procedural delay in its implementation.

The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians.

Today's decision follows hectic parleys between India and Switzerland for introduction of the AEOI (Automatic Exchangeof Information) on tax matters under the guidance of G20, OECD and other global organisations.

The council said the proposal to introduce AEOI with India and others "met with widespread approval from theinterested parties who voiced their opinions in theconsultations".

"In concrete terms, the AEOI will be activated with each individual state or territory by means of a specific federal decree within the framework of this dispatch," it added.

The exchange of information itself will be carried outbased on the Multilateral Competent Authority Agreement (MCAA)on the Automatic Exchange of Financial Account Information,which is in turn based on the international standard for theexchange of information developed by the Organisation for Economic Co-operation and Development (OECD).

The council said it will prepare a situation reportbefore the first exchange of data, which is planned for autumn2019.

"In the process, it will be checked whether the statesand territories concerned effectively meet the requirementsunder the standard, especially those concerningconfidentiality and data security.

"It is important for the Federal Council that a levelplaying field be created among states and that all majorfinancial centres, in particular, be included. This year,Switzerland has introduced the AEOI with 38 states andterritories, including all EU member states, and data willstart to be exchanged with them in 2018," it added.

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News Network
May 20,2020

Kensington (United States), May 20: The world cut its daily carbon dioxide emissions by 17% at the peak of the pandemic shutdown last month, a new study found.

But with life and heat-trapping gas levels inching back toward normal, the brief pollution break will likely be “a drop in the ocean" when it comes to climate change, scientists said.

In their study of carbon dioxide emissions during the coronavirus pandemic, an international team of scientists calculated that pollution levels are heading back up — and for the year will end up between 4% and 7% lower than 2019 levels.

That's still the biggest annual drop in carbon emissions since World War II.

It'll be 7% if the strictest lockdown rules remain all year long across much of the globe, 4% if they are lifted soon.

For a week in April, the United States cut its carbon dioxide levels by about one-third.

China, the world's biggest emitter of heat-trapping gases, sliced its carbon pollution by nearly a quarter in February, according to a study Tuesday in the journal Nature Climate Change. India and Europe cut emissions by 26% and 27% respectively.

The biggest global drop was from April 4 through 9 when the world was spewing 18.7 million tons (17 million metric tons) of carbon pollution a day less than it was doing on New Year's Day.

Such low global emission levels haven't been recorded since 2006. But if the world returns to its slowly increasing pollution levels next year, the temporary reduction amounts to ''a drop in the ocean," said study lead author Corinne LeQuere, a climate scientist at the University of East Anglia.

“It's like you have a bath filled with water and you're turning off the tap for 10 seconds," she said.

By April 30, the world carbon pollution levels had grown by 3.3 million tons (3 million metric tons) a day from its low point earlier in the month. Carbon dioxide stays in the air for about a century.

Outside experts praised the study as the most comprehensive yet, saying it shows how much effort is needed to prevent dangerous levels of further global warming.

“That underscores a simple truth: Individual behavior alone ... won't get us there,” Pennsylvania State University climate scientist Michael Mann, who wasn't part of the study, said in an email.

“We need fundamental structural change.”

If the world could keep up annual emission cuts like this without a pandemic for a couple decades, there's a decent chance Earth can avoid warming another 1.8 degrees (1 degree Celsius) of warming from now, study authors said. But getting the type of yearly cuts to reach that international goal is unlikely, they said.

If next year returns to 2019 pollution levels, it means the world has only bought about a year's delay in hitting the extra 1.8 degrees (1 degree Celsius) of warming that leaders are trying to avoid, LeQuere said. That level could still occur anywhere from 2050 to 2070, the authors said.

The study was carried out by Global Carbon Project, a consortium of international scientists that produces the authoritative annual estimate of carbon dioxide emissions. They looked at 450 databases showing daily energy use and introduced a measurement scale for pandemic-related societal “confinement” in its estimates.

Nearly half the emission reductions came from less transportation pollution, mostly involving cars and trucks, the authors said. By contrast, the study found that drastic reductions in air travel only accounted for 10% of the overall pollution drop.

In the US, the biggest pollution declines were seen in California and Washington with plunges of more than 40%.

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Agencies
January 7,2020

Tehran, Jan 7: The Iranian Parliament on Tuesday ratified a motion dubbed as "harsh revenge", that considers all members of the US Pentagon and those responsible for the death of Major General Qasem Soleimani as "terrorist forces".

The triple-urgency motion is a modification of a previously ratified bill on April 23, 2019, that designated the US Central Command (CENTCOM) as a terrorist organization in retaliation to the same designation imposed on Iran's Islamic Revolutionary Guard Corps (IRGC) by Washington, the Tehran-based Mehr News Agency said in a report.

Parliament Speaker Ali Larijani said in Tuesday's open session that in the previous anti-US law, CENTCOM was designated as a terrorist entity.

"Today, following the cruel US measure in assassinating General Soleimani, the responsibility of which was accepted by the US President, we modify the previous law and announce that all members of Pentagon, commanders, agents and those responsible for the martyrdom of Gen Soleimani will be considered as terrorist forces," Larijani was quoted as saying in the report.

All of Iran nation supports the resistance, he added.

The modified law also allows withdrawal of $223 million to the IRGC's Quds Force from the National Development Fund of Iran for the next two months, added Larijani.

He said that the Supreme Leader Ayatollah Ali Khamenei's permission to withdraw the fund has been obtained, the Mehr report added.

Following its ratification, MPs chanted anti-US slogans at the Parliament.

Soleimani and his son-in-law and Abu Mahdi al-Muhandis, the second-in-command of Iraq's Popular Mobilization Front (PMF), along with eight other people were killed in the January 3 drone attack ordered by US President Donald Trump.

Soleimani, 63, was the elite Quds Force chief in charge of IRGC operations outside Iran, and has been on the ground in Syria and Iraq supervising militias backed by Tehran.

The Quds Force holds sway over a large number of militias across the region ranging from Lebanon to Syria and Iraq.

The attack has led to widespread condemnation in Iran. Supreme Leader Khamenei and President Hassan Rouhani has vowed revenge on the US.

On Sunday, Iranian MP Abolfazl Aboutorabi threatened to attack the heart of American politics.

During an open session of the Iranian Parliament on Sunday afternoon, President Trump was called a "terrorist in a suit" after he threatened to hit 52 Iranian sites hard if Tehran attacks Americans or US assets.

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News Network
May 20,2020

May 20: The novel coronavirus is behaving differently in patients in northeast China who have contracted it recently compared with early cases, indicating it is changing as it spreads, a prominent doctor said.

China, which has largely brought the virus under control, has found new clusters of infections in the northeastern border provinces of Jilin and Heilongjiang in recent weeks, raising concern about a second wave.

Qiu Haibo, an expert in critical care medicine who is part of a National Health Commission expert group, said the incubation period of the virus in patients in the northeast was longer than that of patients in Wuhan, the central city, where the virus emerged late last year.

COVID-19 Pandemic Tracker: 15 countries with the highest number of coronavirus cases, deaths

"This causes a problem, as they don't have any symptoms. So when they gather with their families they don't care about this issue and we see family cluster infections," Qiu told state broadcaster CCTV in a programme broadcast late on Tuesday.

Patients in the northeastern clusters were also carrying the virus for longer than earlier cases in Wuhan, and they were taking longer to recover, as defined by a negative nucleic acid test, he said.

Patients in the northeast also rarely exhibited fever and tended to suffer damage to the lungs rather than across multiple organs, he said.

He said the virus found in the northeastern clusters was probably imported from abroad, which could account for the differences.

He did not say where he though they might have come from but both Jilin and Heilongjiang border Russia.

China reported five new coronavirus cases on Wednesday, down from six a day earlier.

Four of the new cases were local transmissions and one was imported by a traveller coming from abroad, the commission said in a statement, compared with three imported cases reported the previous day.

China's total number of coronavirus infections stands at 82,965, while the death toll 4,634. 

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