- 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.
- Ukraine, which has made repeated calls to exclude Russia from the organisation, welcomed the decision to suspend Russia but added that it would continue its push with FATF members to go further and get Russia blacklisted.
- “The Russian Federation remains accountable for its obligation to implement the FATF Standards. The Russian Federation must continue to meet its financial obligations,” the FATF said.
- “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 group said in a statement.
- Separately, the FATF on Friday added South Africa and Nigeria to its “grey list” of countries under special scrutiny to implement standards to prevent money laundering and terrorism financing and took Morocco out of the grey list.
Due to Ukraine conflict FATF suspends Russia’s membership
