The Financial Action Task Force (FATF), a multilateral intergovernmental organization combating money laundering, has suspend Russia's membership in a move that is groundless and runs counter to organization's own goals, the Russian Federal Financial Monitoring Service said on Friday
MOSCOW (Pakistan Point News / Sputnik - 24th February, 2023) The Financial Action Task Force (FATF), a multilateral intergovernmental organization combating money laundering, has suspend Russia's membership in a move that is groundless and runs counter to organization's own goals, the Russian Federal Financial Monitoring Service said on Friday.
"At the plenary meeting of the Financial Action Task Force (February 22-24), a politicized decision was made to suspend the membership of the Russian Federation in the FATF. This is a groundless decision that does not rely on established procedures and goes beyond the mandate of this organization," the Russian watchdog said in a statement.
The decision goes against the FATF's goals of protecting financial systems and the global economy as a whole from money laundering, terrorist financing, and the proliferation of weapons of mass destruction, the statement added.
The suspension of Moscow's membership does not entail any obligations and restrictions for financial institutions in Russia and abroad, the Russian watchdog said.
In addition, Russia will continue to apply measures to combat money laundering, financing of terrorism, and proliferation of weapons of mass destruction, including through the intensification of international cooperation with interested countries, the statement read.
