PARIS (Reuters) – Global financial crime watchdog Financial Action Task Force (FATF) on Friday suspended Russia’s membership, saying Moscow’s war in Ukraine violated the organisation’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 Paris-based group said in a statement.
Ukraine over the past year made repeated calls to the group to exclude Russia altogether.
But 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 added that it would review the situation at each of its plenary meetings.
The FATF is an inter-governmental organisation that underpins the fight against money laundering and terrorism financing by setting global standards and checking if countries respect them.
(Reporting by Tassilo Hummel, Ingrid Melander, Sudip Kar-Gupta. Editing by Jane Merriman)
