The Financial Action Task Force (FATF), an international watchdog against money laundering and terrorist financing, has suspended Russia’s membership over the war in Ukraine.
According to a FATF statement, Russia’s “unacceptable actions violate core principles of promoting security and the integrity of the global financial system.”
The FATF has almost forty countries as members. The intergovernmental organization monitors global compliance with regulations in contradiction of money laundering, terrorist financing and additional financial crimes. The organization also sets standards for this. More than two hundred countries are monitored.
Russia is now suspended but remains a formal member. However, Ukraine has repeatedly called on the FATF to exclude Russia completely. The Paris-based organization, therefore, says that Russia remains bound by the rules and standards for combating financial crime.