Financial crime watchdog FATF suspends Russia’s membership
The Financial Action Task Force (FATF), a global organization that monitors financial crime, suspended Russia’s membership after finding that Moscow (Russia)‘s conflict in Ukraine breached the FATF’s principles.
Financial crime watchdog FATF suspends Russia’s membership: Key Points
- FATF is an intergovernmental organization created to fight money laundering and the financing of terrorism by establishing international standards and monitoring their observance by nations.
- Ukraine expressed its appreciation for the FATF’s decision to suspend Russia but also stated that it will keep working with FATF members to further penalise and blacklist Moscow.
- As part of its efforts to exert pressure on Moscow, whose invasion began its second year, Ukraine has repeatedly called for Russia to be excluded from the organization.
- Russia is still a member, despite the fact that it has been suspended.
- The Financial Action Task Force (FATF) is an intergovernmental policy-making body whose goals are to create and promote national and international policies to fight money laundering and the funding of terrorism as well as to set worldwide standards.
- Separately, the FATF removed Morocco off its “grey list” of nations under extra scrutiny to apply criteria to stop money laundering and terrorism funding and added South Africa to that list.
- 39 nations make up the FATF membership, including the US, India, China, Saudi Arabia, as well as nations in Europe like the UK, Germany, and France and the EU as a whole. Ukraine is not a participant.
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