PARIS: The Financial Action Task Force (FATF) banned Russia’s membership Friday, saying Moscow’s war in Ukraine breached its principles.
FATF is an intergovernmental organisation that sets worldwide standards and monitors compliance to combat money laundering and terrorism financing.
“The Russian Federation’s actions unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system” the Paris-based organisation stated.
“They also represent a gross violation of the commitment to international cooperation and mutual respect … FATF Members have agreed to implement,” it added.
Ukraine hailed the suspension but pledged to work with FATF members to blacklist and censure Russia.
“It’s not enough but it’s an important step in the right direction,” Ukrainian Finance Minister Serghiy Marchenko said.
Ukraine has repeatedly called for Russia’s exclusion from international and intergovernmental organisations to pressure Moscow, whose invasion reached its second year on Friday.
While suspended, Russia remains a member.
“Russia must follow FATF Standards. Russia must keep paying its bills “”FATF”
On Friday, the FATF removed Morocco from its “grey list” and added South Africa.
The FATF includes 39 countries, including the US, India, China, Saudi Arabia, UK, Germany, France, and the EU. Ukraine is excluded.
