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The FATF anti-money laundering group limited the influence of the Russian Federation in the organization

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The Financial Action Task Force on Money Laundering (FATF) has limited Russia’s role and influence in the intergovernmental organization. Moscow will no longer be able to perform leadership or advisory functions, to participate in decision-making on setting standards. Russia will also not be able to provide assessors, reviewers and other experts for FATF peer review. The organization made the decision because of Russia’s military operation in Ukraine. “Russia’s actions are contrary to the basic principles of the FATF to ensure the safety, reliability and integrity of the global financial system. The FATF recognizes the role that the Russian Federation has played in the development of the global network in the Eurasian region since joining the FATF in 2003,” the FATF said in a statement. FATF was founded in 1989. The headquarters is located in Paris. The intergovernmental organization is developing world standards in the field of combating money laundering and the financing of terrorism. In March, Rosfinmonitoring reported on an attempt to exclude … .

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