The FATF suspended Russia’s membership on Friday for its “illegal, unprovoked, and unjustified” full-scale military invasion of Ukraine, according to an official statement.
The Financial Action Task Force (FATF) suspended Russia’s membership on Friday, citing its “illegal, unprovoked, and unjustified” full-scale military invasion of Ukraine. Russia’s actions were “unacceptably run,” according to the FATF, which aims to promote the security, safety, and integrity of the global financial system.
The global watchdog on terror financing expressed grave concern about reports of arms trade between Russia and UN sanctioned jurisdictions. As well as malicious cyber-activity emanating from Russia. Russian Federation must continue to meet its obligation to implement FATF standards.
“The Russian Federation must continue to meet its financial obligations. The Russian Federation will remain a member of the Global Network as an active member of the Eurasian Group on Money Laundering (EAG) and retain its rights as an EAG member,” the statement said.
South Africa and Nigeria are on the list of countries with dirty money :
South Africa and Nigeria have added to a global financial watchdog’s so-called grey list. Which identifies countries with deficiencies in combating illicit financial flows. A move that will damage their international reputations and may increase costs for banks and asset managers.
The decisions announced by the FATF on Friday. Morocco and Cambodia were remove from the list after they improved their controls. It also stated that while Qatar’s technical compliance with its standards was excellent. The Gulf state needed to improve its fight against money laundering and terrorism financing.
China’s peace plan rejected by USA and their allies
China has called for a cease-fire in Ukraine in an attempt to portray itself as a neutral actor. China think its capable of bringing Russia’s year-long conflict to an end.
As the conflict enters its second year, Kyiv’s allies quickly dismissed it. Several of the 12 points, if implemented, would clearly benefit Russia. NATO Secretary General Jens Stoltenberg said, “China doesn’t have much credibility” in light of its failure to condemn Russia’s conflict.