Financial crime watchdog FATF suspends Russia over Ukraine war, 25 February 2023

Global financial crime watchdog Financial Action Task Force (FATF) suspended Russia's membership...saying Moscow's war in Ukraine violated the organisation's principles.

FATF is an inter-governmental organisation set up to combat money laundering and terrorism financing by setting global standards and checking if countries respect them.

"This is the first time a member of FATF is suspended," FATF President Raja Kumar told a news conference. "Russia is effectively sidelined from the organisation."

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.

"It's not enough but it's an important step in the right direction," Ukrainian Finance Minister Serhiy Marchenko said...

Although suspended, Russia remains a FATF member. The main consequences of...decision will be that Russia will be barred from attending meetings and accessing documents, FATF said.

"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...