Russo-Ukraine War: The Financial Action Task Force (FATF) on Friday suspended Russia’s membership for its “illegal, unprovoked and unjustified” full-scale military invasion of Ukraine. 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.
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.
While “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.
Russia is involved in trade with embargoed countries
The global watchdog on terrorism financing said it was also deeply concerned about arms trade between Russia and UN-sanctioned jurisdictions and reports of malicious cyber activity emanating from Russia. Russia’s actions are unacceptable 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 FATF members are committed. agreed to implement. and supports FATF standards, it said.
“Considering the above, FATF has decided to suspend the membership of the Russian Federation. The Russian Federation is accountable for its obligation to implement FATF standards.
suspension till further decision
“The Russian Federation should 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 continue to fulfill its obligations as an EAG member,” the statement said. rights will be retained. , 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 statement said that the measures taken to protect the international financial system prevent and take the necessary measures to reduce these risks.
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 is hopeful it reflects the views of “the entire international community”. The year that returns them security, peace and prosperity.
(With inputs from PTI)