The Financial Action Task Force (FATF) against money laundering and financing of terrorism, which is the global guiding axis in the fight against money laundering, reported that due to acting in Russia against Ukrainewhich has led to loss of life, Russian participation in this body will be severely curtailed.
In a public statement from FATF On Russia’s war against Ukraine, the organization still chaired by the German Marcus Pleyer indicated that Russian actions go against the basic principles of the group, which are intended to promote the security and integrity of the world financial system.
“As a result of the invasion, the FATF has decided to severely limit the Russian Federation’s participation, role and influence within the body,” the Group said.
Although, the FATF indicated that the role of Russia in the development of the organization’s Global Network, especially in the Eurasian region, stressed that as a consequence of its action against Ukraine, the Russian state can no longer play any role of leadership, advice, or participate in decision-making on the establishment standards, review processes on member countries, and membership issues.
“The Russian Federation can no longer provide advisers, reviewers or other experts for the FATF peer review processes,” the body said.
According to the agency, the situation will be monitored and it will be considered in each of its plenary meetings, if there are reasons to lift or modify these restrictions.
“The FATF continues to ask all jurisdictions to remain alert to threats to the integrity, security and protection of the international financial system arising from the Russian Federation’s aggression in Ukraine,” the agency said, adding that countries must be alert to potential emerging risks stemming from circumvention of measures by Russia.
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