The Hindu Editorial (Belated, but essential) – Mar 11, 2023

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The Hindu Editorial (Belated, but essential) – Mar 11, 2023

belated (adjective) – late, behind time, not on time/delayed.
virtual digital asset (noun) – As per the provisions of section 2(47A) of the Income-tax Act, 1961, virtual digital asset means any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and can be transferred, stored or traded electronically.
virtual digital asset (noun) – in simple words, virtual digital assets are defined as any code or number or token generated through cryptographic means with the promise or representation of having inherent value.
virtual (adjective) – performing a task with the use of computer, especially over a network.
Prevention of Money-Laundering Act (PMLA), 2002 (noun) – It is an Act of the Parliament of India enacted by the NDA government to prevent money-laundering and to provide for confiscation of property derived from money-laundering.
regulatory (adjective) – organizational, managerial, supervisory.
surge (noun) – sudden increase or rise of something.
virtual asset (noun) – a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes.
purview (noun) – range, scope, ambit, compass.
much-needed (adjective) – needed to a large extent/degree/level; highly important, vital, essential.
even if (phrase) – despite the fact that.
formulate (verb) – frame, prepare, draw up, think up, work out.
pandemic (noun) – the worldwide spread of a new disease; The illness spreads around the world and typically affects a large number of people across a wide area.
era (noun) – time, period, epoch.
upsurge (noun) – sudden increase, rise, growth, inflation.
solicit (verb) – ask for, request, seek, call for.
as well as (phrase) – and also, and in addition.
for instance (phrase) – as an example.
crypto (adjective) – relating to a type of digital currency.
three-fold (adverb) – having three parts.
discount (verb) – disregard, dismiss, ignore, overlook.
speculative (adjective) – risky, hazardous, unsafe, uncertain, unpredictable.
guesstimate (noun) – approximation, estimate; projection, hypothesis, prediction.
measure (noun) – action, step, procedure.
disclosure (noun) – report, declaration, announcement.
unregulated (adjective) – unrestricted, unchecked, uncontrolled (by regulations or laws).
sizeably (adverb) – substantially, considerably, largely, significantly.
Enforcement Directorate (ED) (noun) – Directorate of Enforcement is a specialized financial investigation agency under the Department of Revenue, Ministry of Finance, Government of India. It was established in the year 1956 with its Headquarters at New Delhi. It is responsible for enforcement of the Foreign Exchange Management Act, 1999 (FEMA) (Civil Law) and certain provisions under the Prevention of Money Laundering Act, 2002 (PMLA) (Criminal Law).
cryptocurrency (noun) – a type of digital currency.
wherein (adverb) – in which.
money laundering (noun) – a secret act of moving illegally acquired funds into legal bank accounts or investments.
as much as (phrase) – approximately.
freeze (verb) – limit, restrict, confine; stop/suspend, stand still.
deem (verb) – consider, regard as, see, view.
proceeds (noun) – the amount of money received from an event/activity or from the sale of goods or services; income, revenue, profit, earnings, returns, gains.
proceeds of crime (noun) – As per Section 2(u) of PMLA, 2005, proceeds of crime, means and property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to the scheduled offence or the value of any such property.
mandatorily (adverb) – compulsorily, necessarily.
lay (verb) – attribute, ascribe, attach, impose, hold someone responsible.
onus (noun) – responsibility, duty; burden, liability, obligation.
ascertain (verb) – find out, understand, recognize, get to know.
provenance (noun) – origin, source, place of origin.
safekeeping (noun) – safeguarding, protection, safety.
participate (verb) – involve, engage, take part.
facilitate (verb) – assist, help, aid, promote, ease, make possible.
inter– (prefix) – between; among.
Financial Action Task Force (FATF) (noun) – The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.
watchdog (noun) – a person or organization that monitors/inspects/supervises others’ activities/conducts. inspector/supervisor, observer, ombudsman.
flag (verb) – indicate, identify, point out.
potential (noun) – possibilities, potentiality, prospects, capability.
anonymity (noun) – a condition of being unknown; a situation where the acting person’s name is unknown or not given.
point out (phrasal verb) – identify, indicate, specify, mention.
the fact that (phrase) – used to refer to a specific situation under consideration/discussion.
move (verb) – propose, put forward, recommend (for discussion and resolution at a legislative assembly).
regulate (verb) – supervise, oversee, monitor, check, inspect, administer.
outright (adjective) – complete, entire, total, categorical.
loophole (noun) – ambiguity in the law; flaw/fault, defect.
hold (verb) – occupy, have, be in a position.
presidency (noun) – premiership, leadership, chairmanship, stewardship.
G-20 (noun) – The G20, formed in 1999, is a group of twenty of the world’s largest economies that meets regularly to coordinate global policy on trade, health, climate, and other issues. It brings together the world’s major advanced and emerging economies. The G20 comprises Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK and USA. The G20 Countries together represent around 90% of global GDP, 80% of global trade, and two thirds of the world’s population.
repeatedly (adverb) – constantly, regularly, invariably.
stress (verb) – emphasise, underscore, highlight.
regime (noun) – system.
interpret (verb) – explain, clarify, make clear, understand.
move (noun) – step, action, act, measure.
rather than (phrase) – instead of.
proscribe (verb) – ban, prohibit, forbid (by law).
advocacy (noun) – support, endorsement, backing, approval.
seriously (adverb) – considerably, significantly, desperately.
weigh (verb) – consider, think about, contemplate, deliberate about, reflect on.
fate (noun) – destiny, outcome, future.
legislation (noun) – body of laws, acts, rules, regulations, statutes.