Financial Crime Watchdog FATF Suspends Russia Over Ukraine War – Eagle News Feed

Russian President Vladimir Putin

Russian President Vladimir Putin

“This is the first time a member of FATF is suspended,” FATF President Raja Kumar told a news conference.

“Russia is effectively sidelined from the organization.”

Money Web reported that Ukraine, which has made repeated calls to exclude Russia from the organization, welcomed the decision to suspend Russia but added that it would continue its push with FATF members to go further and get Russia blacklisted.

“It’s not enough but it’s an important step in the right direction,” Ukrainian Finance Minister Serhiy Marchenko said.

Anatoly Antonov, Russia’s ambassador to the United States, denounced the decision as “a dangerous step”, saying it would erode global efforts to combat money laundering, terrorism financing, and the proliferation of weapons of mass destruction, state news agency Tass reported.

Although suspended, Russia remains a FATF member.

The main consequences of Friday’s decision will be that Russia will be barred from attending meetings and accessing documents, FATF said.

“The Russian Federation remains accountable for its obligation to implement the FATF Standards. The Russian Federation must continue to meet its financial obligations,” the FATF said.

“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”, the Paris-based group said in a statement.

FATF on Friday also added South Africa and Nigeria to its “grey list” of countries under special scrutiny to implement standards to prevent money laundering and terrorism financing and took Morocco out of the grey list.

FATF members include 39 countries, including the United States, India, China and Saudi Arabia, as well as European countries such as Britain, Germany and France and the EU as such.

Ukraine is not a member

Jay Ndungu

Jay is a computer scientist and journalist with a passion for the intersection of technology and society. He has a background in computer science, developing a deep understanding of the technical aspects of the industry, including programming languages and software development methodologies. Currently, He writes for Nairobi Times, covering a wide range of topics including technology, politics, sports, and entertainment. With his unique combination of technical knowledge and journalistic experience, Jay brings a unique perspective to the stories he covers, able to explain complex technical concepts in an easy-to-understand manner. His work is dedicated to bridge the gap between technology and society, and to make people more aware of the potential of technology to make the world a better place.

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