Title: FATF Suspends Russia’s Membership over Ukraine Conflict: Global Call for Vigilance

FATF Condemns Russian Federation’s Actions against Ukraine

24th February, 2023, Paris

The Financial Action Task Force (FATF) expressed its condolences to the people of Ukraine on the anniversary of the ongoing conflict and denounced the Russian Federation for its aggression against Ukraine. FATF reaffirmed its support for the UN General Assembly Resolution ES-11/1, requesting an immediate Russian withdrawal from Ukrainian territory.

International Concerns: Arms Trade and Malicious Cyber-activities

The international community expressed heightened concerns as reports of arms trade between Russia and sanctioned jurisdictions, as well as malicious cyber-activities originating from the Russian Federation, surfaced.

Disregard of FATF Core Principles

Russia’s actions violated FATF core principles, ignoring the commitment to international cooperation and mutual respect, and compromising the global financial system’s security.

Consequences: FATF Suspends Russia’s Membership

Despite the suspension, the Russian Federation must continue to meet its financial obligations. FATF acknowledged Russia’s continued role as an active member of the Eurasian Group on Combating Money Laundering (EAG), retaining its rights and privileges.

Global Call for Vigilance: Potential Risks of Circumvention

The FATF urged jurisdictions worldwide to maintain enhanced alertness and readiness to safeguard the global financial system from potential risks of circumvention, emphasizing the necessity of taking appropriate measures to mitigate these risks.

Support for the People of Ukraine

The FATF expressed sympathy for the Ukrainian people, wishing them a return to peace, prosperity, and safety in the new year. The international community remains united in its hope that this would indeed be the year that brings peace and security to the people of Ukraine.