Russia kicked out of FATF

February 24,2023 837
Russia kicked out of FATF

The Financial Action Task Force (FATF) has decided to suspend Russia’s membership in the organization, the global money laundering and terrorist financing watchdog stated on Friday, one year after the full-scale Russian invasion of Ukraine.

“The Russian Federation’s actions unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system. They also represent a gross violation of the commitment to international cooperation and mutual respect upon which FATF Members have agreed to implement and support the FATF Standards,” the statement reads.

Still, Russia remains accountable for its obligation to implement the FATF Standards and must continue to meet its financial obligations. The FATF will monitor the situation and consider at each of its Plenary meetings whether the grounds exist for lifting or modifying these restrictions.

The FATF also “reiterates its deepest sympathies for the people of Ukraine and continues to deplore the huge loss of lives and malicious destruction caused by the Russian Federation’s ongoing brutal attack on Ukraine.”

“The FATF strongly condemns the Russian Federation’s war of aggression against Ukraine. Over the past year, the Russian Federation has intensified its inhumane and brutal attacks targeting critical public infrastructure. The FATF is also deeply concerned by the reports of arms trade between the Russian Federation and United Nations sanctioned jurisdictions, and malicious cyber-activities emanating from Russia.”