World

Anti-money laundering group suspends Russia: FATF

FATF adds Nigeria and South Africa to its list of countries subject to increased monitoring

By AFP

February 24, 2023

Delegates are discussing key issues in the fight against money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction during the FATF Plenary held in Paris on February 23, 2023. — Twitter/@FATFNews

PARIS: Global anti-money laundering watchdog the Financial Action Task Force (FATF) said on Friday it has suspended Russia's membership over Moscow's invasion of Ukraine.

The FATF sets standards for more than 200 countries and jurisdictions and seeks to help authorities tackle serious crimes including drug smuggling, human trafficking and terrorism.

"The Russian Federation's actions unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system," the group said.

It added that Russia was still accountable for implementing FATF's standards.

Following a five-day meeting in Paris, FATF added Nigeria and South Africa to its list of countries subject to increased monitoring and removed Cambodia and Morocco from the category.

Russia has been expelled from the Council of Europe and suspended from the UN Human Rights Council, but is still a member of many international organisations.