Monitoring Desk
PARIS: Financial Action Task Force (FATF) – A global financial crime watchdog – suspended Russia’s membership on Friday and stated that Moscow’s war in Ukraine violated the organization’s principles.
FATF is an inter-governmental organization set up to combat terrorism financing and money laundering by setting international standards and checking if countries respect them.
“Russian actions unacceptably run counter to the FATF main principles aiming to promote safety, security, and the integrity of the international financial system,” the organization said in a statement.
The organization said that Russian actions also represent a gross violation of the commitment to mutual respect and international cooperation FATF Members have agreed to implement.
Ukraine repeatedly requested suspension of Russian membership
Ukraine welcomed the decision to suspend Russia; however, it added that Kyiv would continue its push with FATF members to move further and get Russia blacklisted and sanctioned.
“It is not enough, but it is an important step in the right direction,” said Ukrainian Finance Minister Serghiy Marchenko.
Ukraine has repeatedly requested to exclude Russia from the organization as it seeks to use international and intergovernmental organizations to press Moscow.
But while Russia has now been only suspended, it remains a member.
“The Russian Federation is accountable for its obligation to implement the FATF Standards. Russia must continue to meet its international financial obligations,” FATF said.
Meanwhile, the FATF on Friday included South Africa in its “grey list” of countries under special scrutiny to implement global standards to prevent terrorism financing and money laundering and took Morocco out of the grey list.
FATF members include 39 countries, including China, the United States, Saudi Arabia, India, and European nations, such as the EU, Britain, Germany, and France, as Ukraine is not a member.
