FATF suspends Russia’s membership

The FATF said this in a statement, according to Ukrinform.

"The Russian Federation's actions unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system. They also represent a gross viation of the commitment to international coeration and mutual respect upon which FATF Members have agreed to implement and support the FATF Standards. Considering the above, the FATF has decided to suspend the membership of the Russian Federation.," the statement said.

It added that Russia remains accountable for its obligation to implement the FATF Standards.

"The Russian Federation must continue to meet its financial obligations. The Russian Federation will remain a member of the Global Network as an active member of the Eurasian Group on Money Laundering (EAG) and retain its rights as an EAG member. The FATF will monitor the situation and consider at each of its Plenary meetings whether the grounds exist for lifting or modifying these restrictions. 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 FATF said.

The FATF also said it strongly condemns the Russian Federation's war of aggression against Ukraine and calls on 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."