Russia’s conflict in Ukraine breached FATF rules. Thus, the organization suspended its membership on Friday.
“The Russian Federation’s actions unacceptably go opposite to the FATF key principles seeking to enhance security, safety, and integrity of the global financial system,” the Paris-based organization stated.
Ukraine has been urging the group to remove Russia for a year.
Although suspended, Russia remains a member.
“Russia must follow FATF Standards. Russia must keep paying its bills “”FATF”
During each plenary meeting, it would assess the situation.
The FATF is an intergovernmental organization that sets global standards and monitors compliance to combat money laundering and terrorism financing.
