Last Update: February 25, 2023, 00:13 IST
The FATF said it will monitor the situation and consider at each of its plenary meetings whether grounds exist to remove or modify these sanctions (Representational image: Reuters)
Russia’s actions were “unacceptably running against” the FATF’s core principles, which aim to promote the safety, security and integrity of the global financial system.
The FATF on Friday suspended Russia’s membership for its “illegal, unprovoked and unjustified” full-scale military invasion of Ukraine, an official statement said.
Russia’s actions were “unacceptably running contrary to the FATF’s core principles, which aim to promote the safety, security and integrity of the global financial system.”
One year after Russia’s illegal, unprovoked and unjustified full-scale military invasion of Ukraine, the FATF reiterates its deep sympathy for the people of Ukraine and the enormous loss and malicious destruction caused by Russia’s ongoing “brutal attack” on Ukraine continues to said in a statement issued after the FATF plenary held in Paris.
Strongly condemning its “war of aggression” against Ukraine, the FATF said Russia has “intensified its inhuman and brutal attacks” over the past year, the statement said.
The global watchdog on terror financing said it is also deeply concerned by reports of arms trade between Russia and UN-sanctioned jurisdictions and malicious cyber activities emanating from Russia.
The Russian actions unacceptably go against FATF’s core principles, which aim to promote the safety, security and integrity of the global financial system, and they also represent a gross violation of the commitment to international cooperation and mutual respect on which the FATF is based. The members have agreed to implement and support FATF standards, it said.
“Considering the above, the FATF has decided to suspend the membership of the Russian Federation. The Russian Federation is accountable for its obligation to implement FATF standards.
“The Russian Federation must continue to meet its financial obligations. The Russian Federation will remain a member of the Global Network on Money Laundering (EAG) as an active member of the Eurasian Group and will retain its rights as an EAG member, the statement said.
The FATF said it will monitor the situation and consider at each of its plenary meetings whether grounds exist to remove or modify these sanctions.
“The FATF calls on all jurisdictions to remain vigilant to the threats to the integrity, safety and security of the international financial system posed by the Russian Federation’s war against Ukraine.
“The FATF reiterates that all jurisdictions should remain alert to potentially emerging risks from the manipulation of measures intended to protect the international financial system and take the necessary measures to mitigate these risks,” the statement said.
The FATF said it expressed its sympathies to the people of Ukraine, who have borne a “terrible burden” at the hands of Russia’s “war of aggression” and that the FATF reflects the views of “the entire international community” in the hope that it year that returns them security, peace and prosperity.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)