FATF Suspends Russia’s Membership On 1st Anniversary Of Ukraine Invasion

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London: There was bad news for Vladimir Putin on the first anniversary of Russia’s war against Ukraine.

Financial Action Task Force (FATF) on Friday decided to suspend Russia’s membership for its “illegal, unprovoked and unjustified” full-scale military invasion of Ukraine.

The global money-laundering and terrorist-financing watchdog said in an official statement that Russia’s actions were “unacceptably run” contrary to FATF’s core principles that aims to promote security, safety and integrity of the global financial system.

One year after Russian’s illegal, unprovoked and unjustified full-scale military invasion of Ukraine,

Strongly condemning Russia’s “war of aggression” against Ukraine, FATF said over the past year, Russia has “intensified its inhumane and brutal attacks” targeting critical public infrastructure, FATF stated after its plenary held in Paris.

The global watchdog is also deeply concerned by reports of arms trade between Russia and United Nations sanctioned jurisdictions, and malicious cyber-activities emanating from Russia.

“Considering the above, the FATF has decided to suspend the membership of the Russian Federation. The Russian Federation remains accountable for its obligation to implement the FATF standards. The Russian Federation must continue to meet its financial obligations. The Russian Federation will remain a member of the Global Network as an active member of the Eurasian Group on Money Laundering (EAG) and retain its rights as an EAG member,” the statement said.

The FATF will continue to monitor the situation and consider grounds exist for lifting or modifying these restrictions at its plenary meetings.

Pakistan was taken out of FATF’s grey list last October.