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Due to the military special operation in Ukraine, Russia was deprived of its powers and advisory functions in the group of financial measures to combat money laundering (FATF).
This is stated in the FATF statement adopted at the end of the plenary session.
The statement states that the Russian Federation “can no longer perform any functions related to leadership or consultations, as well as participate in setting standards, conducting expert evaluation,” as well as in “making decisions in the field of management and membership.”
Now Russia will not be able to provide its experts to participate in the review process, when the work of one expert is evaluated by colleagues equal to him in competence.
It may be a mutual assessment by the members of the group of national anti-money laundering systems.
FATF noted that it will monitor the situation and decide at each plenary session whether there are grounds for changing or lifting the restrictions imposed.
The group believes that Moscow has “grossly violated” the obligations in the field of international cooperation and mutual respect on which the FATF standards are based.
The organization was established in July 1989 in Paris on the initiative of the G7 heads of State and is engaged in countering money laundering, as well as combating the financing of the proliferation of weapons of mass destruction and terrorism. The countries included in the group conduct mutual assessments of national systems to combat the above phenomena.