Russia’s membership in the Financial Action Task Force (FATF) has been suspended, this anti-money laundering organization announced on Friday, accusing it in particular of “manifest violation” of the “fundamental principles” of the institution.
“The unacceptable actions of the Russian Federation go against the fundamental principles of the FATF aimed at promoting the security and integrity of the financial system,” the FATF underlines in a press release, renewing its “support for the Ukrainian people.” Russia, however, remains under the obligation to respect the principles of the FATF, specifies the latter.
Russia excluded from several international organizations
The anti-money laundering and terrorist financing body has 39 members and, in total, more than 200 countries and jurisdictions have committed to implementing the FATF standards. In the aftermath of Russia’s invasion of Ukraine, FATF had barred Moscow from any advisory or decision-making role within the Paris-based institution.
Russia was expelled from the Council of Europe and suspended from the UN Human Rights Council, but it remains a member of many major international organizations. In March, Interpol, for example, refused to suspend Moscow, but announced a strengthening of control procedures applied to the transmission of messages from Russia to other member countries.
Furthermore, at the end of a five-day meeting in Paris, FATF updated its gray list of countries subject to enhanced surveillance. Morocco and Cambodia were removed, while Nigeria and South Africa were added. The black list of countries with “high” risk of money laundering, financing of terrorism and proliferation of weapons of mass destruction has not been modified.
Source: BFM TV
