fatf: Russia barred from future projects of FATF

Russia has been banned from participating in future projects by the global terrorist financing and money laundering regulator, the Financial Action Task Force (FATF). At a press conference in Paris, FATF Chairman T. Raja Kumar said the move comes after Moscow invaded Ukraine.

Kumar said Russia’s actions continue to violate the FATF’s core principles, which aim to promote the safety, security and integrity of financial systems.

“As a result of Russia’s continued actions, the FATF has decided to impose additional restrictions on the country’s remaining role, including banning it from participating in current and future FATF projects,” he said.

Russia is also barred from attending FATF-style regional body meetings. “These measures expand on the measures taken by the FATF in June, which, among other things, stripped Russia of its leadership role,” Kumar said.

The FATF will continue to monitor the situation and will consider at each of its plenary meetings whether there are grounds for lifting or changing these restrictions.

He said that following statements issued in March, April and June 2022, the FATF reiterated that all jurisdictions should be vigilant to emerging risks stemming from circumvention of measures taken against Russia to protect the international financial system.

https://economictimes.indiatimes.com/news/international/world-news/russia-barred-from-future-projects-of-fatf/articleshow/95018775.cms fatf: Russia barred from future projects of FATF

Russell Falcon

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