The Financial Action Task Force (FATF) has indefinitely suspended Russia’s membership. The information was provided by the head of the Chancellery of the President of Ukraine Andriy Yermak on his Telegram channel.
“We have won a significant victory. The FATF has suspended the membership of the Russian Federation for an indefinite period,” Yermak said. For exclusion Russia with FATF (Financial Action Task Force) Ukraine has been requesting for a long time.
Suspension of Russia’s membership in the FATF
Two weeks ago, Ukraine’s Finance Minister Serhiy Marchenko appealed in an article published in the Financial Times to cut off Russia from the global financial system. He expressed confidence that Russia would do everything possible to undermine the global system.
He argued that the international order can only survive if the rules are followed, and Russia Vladimir Putin openly mocks the rules-based international order. In this regard, the EU, the G7 and others should be aware of the risk Russia poses to the integrity of the global financial system.
In an official statement explaining the decision to suspend Russia, the FATF stressed that Moscow’s actions are “unacceptably inconsistent with the fundamental principles of the FATF, which aim to promote the safety, security and integrity of the global financial system.” She recalled that they also constitute a “flagrant violation of the commitment to international cooperation and mutual respect.”
Anti-Money Laundering Task Force
The FATF was established in 1989 by the G7 Group. It is based in Paris and has 39 members.
The FATF sets international standards to help national authorities track illegal transactions related to drug trafficking, illicit arms trafficking, Internet fraud and other serious crimes, corruption and terrorism.
Main photo source: PAP/EPA/PAVEL BEDNYAKOVSPUTNIK/KREMLIN POOL