A year after Russia's unprovoked full-scale invasion of Ukraine, the Financial Action Task Force (FATF) announced the suspension of Russia's membership in the organization.
This is stated in the message of the Ministry of Finance of Ukraine, Ukrainian News Agency reports.
"The Ministry of Finance welcomes this important decision that will help protect the global financial system from Russian risks and threats," it said.
It is noted that this week, during the Plenary Session on the consequences of considering the issue of sanctions to the Russian Federation, the FATF adopted a corresponding statement.
In particular, FATF is deeply concerned about reports of arms trade between the Russian Federation and countries against which the United Nations Security Council (UN) has applied sanctions, and cyber attacks that occur from the territory of the Russian Federation.
FATF found Russia's actions unacceptable and contrary to the basic principles of the organization and violate its members' obligations to international cooperation and mutual respect.
FATF urged all jurisdictions to "be vigilant about threats to the integrity, security and safety of the international financial system arising from Russia's war against Ukraine."
FATF also noted that all jurisdictions should carefully consider possible risks arising from circumvention of measures taken to protect the global financial system, as well as take the necessary measures to mitigate these risks.
The Financial Action Task Force is an intergovernmental organization founded on the initiative of the G7 to combat money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.
The organization's decision to suspend the membership of the Russian Federation is an acknowledgement that Russia does not meet the organization's standards.
In March and April 2022, FATF issued a public statement and adopted the Declaration and Strategic Vision for the Global Network for the period of 2022-2024, in which it stated that the Russian military invasion of Ukraine contradicts the basic principles of the FATF aimed at promoting the security and integrity of the global financial system.
In June, FATF members announced that the Russian Federation could no longer occupy any leadership or advisory role or participate in decisions on setting standards, FATF peer review processes, governance and membership issues.
Russia is also no longer able to provide reviewers and experts for FATF peer review processes.
In October, the FATF imposed additional restrictions on Russia, in particular, banned the Russian Federation from participating in all current and future projects, as well as in meetings of the FATF and its regional partner bodies.
As Ukrainian News Agency earlier reported, in October 2022, the National Bank called on the FATF to exclude Russia from the membership of the organization and include it in the FATF blacklist.
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