Global anti-money laundering watchdog FATF suspends Russia's membership

The FATF statement said that the organization recognized the UN General Assembly resolution that requires Russia to immediately, fully and unconditionally withdraw its troops from the territory of Ukraine within its internationally recognized borders. The FATF noted that it condemns Russia's aggressive war against Ukraine.

The FATF also emphasized that Russia's actions contradict the basic principles of the organization, which are aimed at promoting the security and integrity of the global financial system. The Russian Federation grossly violates its commitments to international cooperation and mutual respect.

“Considering the above, the FATF has decided to suspend the membership of the Russian Federation,” the statement says. 

The FATF added that Russia remains responsible for its obligations to implement the organization's standards and must continue to meet its financial obligations. Also, Russia remains a participant in the global network and retains its rights as an active member of the Eurasian Group on Money Laundering (EAG).

“The FATF continues to call upon all jurisdictions to remain vigilant of threats to the integrity, safety and security of the international financial system arising from the Russian Federation’s war against Ukraine,” the organization emphasized. 

The head of the President's Office, Andriy Yermak, also tweeted about the decision.

“Another success story in our sanctions policy against the terrorist state. FATF has indefinitely suspended the membership of the Russian Federation. The Russians lost all FATF member rights. Together with the Yermak-McFaul Expert Group on Russian Sanctions, we've been working hard to prove the need for such steps. We've been fighting for this decision for a very long time. The quest is done. But there is still much work to do to put more pressure on the Russian aggressor. Keep moving,” Yermak wrote.

• On March 17, 2022, Ukrainian Foreign Minister Dmytro Kuleba called for Russia to be blacklisted by the Financial Action Task Force.

• On October 14, Kuleba was joined by the National Bank of Ukraine, which also called on the FATF international group to expel Russia from membership and blacklist it.