The Financial Action Task Force (FATF) has suspended the membership of this country on Friday for Russia’s illegal and unprovoked military attack. This information was given in an official statement.
The Financial Action Task Force (FATF) said the Russian military action is contrary to the FATF’s core principles, which aim to promote the safety and integrity of the global financial system. A year after Russia’s illegal and unprovoked attack on Ukraine, the FATF expresses its deepest sympathies to the people of Ukraine, the statement issued after the FATF session held in Paris said.
Strong condemnation of Russian attack
The global body that monitors terrorism financing said it strongly condemns the Russian offensive against Ukraine. The statement said that barbaric and humanitarian attacks from Russia have intensified over the past year and critical public infrastructure has been targeted. The Financial Action Task Force has suspended Russia’s membership over Moscow’s invasion of Ukraine. FATF is a global watcher, which monitors money-laundering activities around the world.
FATF sets standards for more than 200 countries and jurisdictions and helps authorities combat serious crime including drug trafficking, human trafficking and terrorism. FATF’s decision has been welcomed by Urken.
South Africa added to gray list
In a declaration, the FATF group said that the Russian Federation’s actions unfairly contradict FATF’s core principles aimed at promoting the security and integrity of the global financial system. On the other hand, the FATF on Friday added South Africa to its gray list of countries under special scrutiny for implementing standards to prevent money laundering and terrorism financing and removed Morocco from the gray list.
FATF members include 39 countries including the United States, India, China, Saudi Arabia as well as European countries such as the UK, Germany and France, and the European Union. However, Ukraine is not a member of FATF.
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