Global terror-financing watchdog FATF suspends Russia as member state on anniversary of Ukraine war
Moscow has called it a dangerous step that could lead to the destruction of the global architecture for countering the financing of terrorism.
Global anti-terror watchdog Financial Action Task Force on Friday announced that it has suspended Russia as its member state following its military invasion of Ukraine.
The development came on the day when Ukraine marked one year anniversary of its war with neighbouring Russia on Friday. Russia had launched its military attack on Ukraine last year claiming it as a necessary action to prevent Kyiv from being used as a platform for Western aggression.
“The FATF strongly condemns the Russian Federation’s war of aggression against Ukraine,” the global watchdog said on Friday. “Over the past year, the Russian Federation has intensified its inhumane and brutal attacks targeting critical public infrastructure. The FATF is also deeply concerned by the reports of arms trade between the Russian Federation and United Nations sanctioned jurisdictions, and malicious cyber-activities emanating from Russia.”
The statement, however, said that Russia will remain a member of the global network as an active member of the Eurasian Group on Money Laundering and retain its rights as its 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 organisation said.
Since the beginning of Russia’s invasion, Ukraine had sent more than 200 appeals to FATF member countries, and various international organisations, to support the exclusion of Moscow from the organisation, Ukrainian Finance Minister Serhiy Marchenko said on Friday.
He said that Ukraine also wants Russia to be included under the sanctions list of the Financial Action Task Force.
“Suspending the Russian FATF membership is a clear signal that all entities should exercise extreme caution when trying to make any transactions with the Russian financial system,” Marchenko said.
Meanwhile, Russian Ambassador to the United States Anatoly Antonov said that the decision is a dangerous step that could lead to the destruction of the global architecture for countering the financing of terrorism, reported Tass.