PARIS: International anti-money laundering watchdog the Monetary Motion Job Drive mentioned on Friday it has suspended Russia’s membership over Moscow’s invasion of Ukraine.
The FATF units requirements for greater than 200 international locations and jurisdictions and seeks to assist authorities sort out critical crime together with drug smuggling, human trafficking and terrorism.
“The Russian Federation’s actions unacceptably run counter to the FATF core rules aiming to advertise safety, security, and the integrity of the worldwide monetary system,” the group mentioned.
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It added that Russia was nonetheless accountable for implementing FATF’s requirements.
Following a five-day assembly in Paris, FATF added Nigeria and South Africa to its listing of nations topic to elevated monitoring, and eliminated Cambodia and Morocco from the class.
Russia has been expelled from the Council of Europe and suspended from the UN Human Rights Council, however remains to be a member of many worldwide organisations.