The lack of contraction on Russia’s threat to the global financial system does not serve anyone’s interests, the department emphasized.
The FATF’s delay in addressing the risks Russia poses to the global financial system serves no one’s interest except the Kremlin and its sponsored terrorist groups. This was reported by the press service of the Ministry of Finance of Ukraine on October 27.
It was noted that the Financial Action Task Force (FATF) in its plenary meeting last week did not announce additional measures to counter the risks of the Russian Federation.
“The organization must ensure that it fulfills its mandate as an effective and efficient financial watchdog… Just in the last few months, we have witnessed a frank admission that Russia financed the Wagner PMC to the tune of $1 billion from the state budget, as well as increasing arms trade and commercial relations with FATF blacklisted countries – Iran and North Korea. Russia has also intensified its attempts to blackmail FATF member countries to get them on its side,” the department emphasized.
The Ministry of Finance called on all entities to strengthen control over any transactions related to the Russian Federation, taking into account the increased risks for the international financial system.
“Russia’s threat to the international rule of law continues to grow every day. As time goes on, we encourage (Russian President Vladimir) Putin to increase illegal activities, fund terrorist organizations and engage in illegal arms trade. Ukraine will continue to call on the FATF to counter Russian risks and protection of the global financial system,” said Ukraine’s Finance Minister Sergei Marchenko after the FATF plenary meeting.
The FATF is an intergovernmental organization created to combat money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.
Let’s recall that in June 2022, the FATF suspended Russia’s rights as a member of the organization and limited its participation in its activities, and in February 2023, it suspended Moscow’s membership.
At the same time, since the beginning of the war, Ukraine has sought the exclusion of the Russian Federation from FATF membership and its inclusion in the “black list” of high-risk countries.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.