On Friday, February 24, Financial Action Task Force (FATF) suspended Russia’s membership, saying that Russia’s war in Ukraine violates the organization’s principles.
FATF is an inter-governmental organisation set up to combat money laundering and terrorism financing by setting global standards and checking if countries respect them.
“This is the first time a member of FATF is suspended,” FATF President Raja Kumar told a news conference. “Russia is effectively sidelined from the organisation.”
FATF strongly condemns the aggressive war of the Russian Federation against Ukraine and recognizes the UN General Assembly Resolution ES-11/1, which requires the Russian Federation to immediately, completely and unconditionally withdraw all its military forces from the territory of Ukraine within its internationally recognized borders.
The actions of the Russian Federation are unacceptably inconsistent with the FATF’s core principles aimed at promoting the safety and integrity of the global financial system. They are a gross violation of the obligations of international cooperation and mutual respect under which FATF members agreed to implement and uphold the FATF Standards.
The Russian Federation remains responsible for its obligations to implement the FATF Standards and must continue to fulfill its financial obligations.
The Russian Federation will remain a member of the Global Network as an active member of the Eurasian Anti-Money Laundering Group (EAG) and will retain its rights as an EAG member.
“The FATF continues to call on all jurisdictions to remain vigilant regarding threats to the integrity, safety and security of the international financial system arising from the Russian Federation’s war against Ukraine” – indicated in the statement of FATF.