Wednesday, November 30, 2022
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Future FATF projects cannot include Russia

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Future FATF projects cannot include Russia: The Financial Action Task Force (FATF), a global organization that monitors money laundering and terrorism financing, has prohibited Russia from participating in future projects (FATF).

FATF chairperson T Raja Kumar stated that the action taken in response to Moscow’s invasion of Ukraine during a press conference in Paris.

Kumar says that Russia still needs to follow the core principles of the FATF, which mean to keep financial systems safe, secure, and honest.

“Due to Russia’s continued actions, the FATF has decided to impose additional restrictions on the country’s remaining role,” he said. “This includes prohibiting them from taking part in current and future FATF projects.”

Additionally, Russia prohibite from attending regional body meetings modeled after the FATF. Kumar says these steps build on what the FATF did in June, including taking away all of Russia’s leadership positions.

The FATF will keep an eye on the situation and decide whether there are sufficient reasons to lift or modify these restrictions at its plenary meetings.

He stated that in light of the statements made in March, April, and June 2022, the FATF reiterates the need for all jurisdictions to remain alert to new risks posed by Russia’s ability to evade the sanctions put in place to safeguard the global financial system.

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