Financial watchdog FATF suspends Russia’s membership over Ukraine war

The Western-oriented financial crime watchdog Financial Action Task Force (FATF) says it has suspended Russia's membership over the conflict in Ukraine.

The FATF said in a statement on Friday following the group’s five-day meeting in Paris that Moscow’s war in Ukraine violated the organization’s principles.

"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", the group said. It said while Russia has now been suspended, it remains a member.

"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.

It said it would review the situation at each of its plenary meetings.

The FATF says it supports the fight against money laundering and terrorism financing by setting global standards and checking if countries respect them.

Ukraine over the past year made repeated calls on the group to exclude Russia altogether.

The statement came on the one-year anniversary of the start of the special operation in Ukraine.

MG