The Russian Federation’s actions violate the FATF’s core principles, which aim to strengthen the security, reliability and integrity of the financial system, the organization said.
The International Anti-Money Laundering Task Force (FATF), following its plenary session on October 20-21, banned Russia from participating in its current and future projects. It was reported on the website of this organization.
In addition, the Russian Federation will no longer be able to participate in meetings of FATF regional bodies as a member of the organization.
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“The FATF reiterates its deepest condolences for the unnecessary loss of life, suffering and destruction caused by Russia’s continued aggression in Ukraine,” the statement said after the meeting.
It was also noted that the actions of the Russian Federation “continue to violate the fundamental principles of the FATF, which aim to strengthen the security, reliability and integrity of the financial system.” With this in mind, the organization decided to impose additional restrictions.
The FATF will monitor the development of the situation and consider the issue of removing or extending restrictions on the Russian Federation at each new plenary meeting. The organization also aims to inform all jurisdictions about the danger of attempts to evade the sanctions imposed on Russia.
In June, Russia was banned from chairing and advising the FATF. Meanwhile, Ukraine has been seeking Russia’s exclusion from the organization since the beginning of the war. The international expert group on sanctions against the Russian Federation, led by the head of the Office of the President Andrey Yermak and former US Ambassador to Russia Michael McFaul, believes that it will be more difficult for Moscow to find of tools to avoid sanctions and accelerate the outflow of capital from the country.
At the same time, Rosfinmonitoring warned the FATF that the exclusion of the Russian Federation would cause “a risk of imbalance in the global network for combating money laundering and terrorist financing.”
The FATF has existed since 1989. Russia has been a permanent member of the organization since June 2003.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.