Ukraine was quick to appreciate this move by the FATF and further pressed that it would continue its fight and make sure further sanctions are attached to Russia and is blacklisted in future.
Moscow: The Financial Action Task Force has suspended Russia’s membership over Moscow’s invasion of Ukraine. The FATF is a global watchdog that keeps a watch on money-laundering activities worldwide. The FATF sets standards for more than 200 countries and jurisdictions and seeks to help authorities tackle serious crime including drug smuggling, human trafficking and terrorism.
In an announcement, the group 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.”
“They also represent a gross violation of the commitment to international cooperation and mutual respect … FATF Members have agreed to implement,” it added.
Ukraine was quick to appreciate this move by the FATF and further pressed that it would continue its fight and make sure further sanctions are attached to Russia and is blacklisted in future.
“It’s not enough but it’s an important step in the right direction,” Ukrainian Finance Minister Serghiy Marchenko said.
Russia has been expelled from the Council of Europe and suspended from the UN Human Rights Council, but is still a member of many international organisations.
(With inputs from agencies)
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