The Financial Action Task Force on Money Laundering (FATF), the global anti-money laundering body, has announced that the Russian Federation will be expelled from the organization, leaving Gibraltar on a gray list.
The FATF statement said that Russia’s invasion of Ukraine and ongoing attacks «are unacceptably contrary to the core principles of the FATF, which are aimed at ensuring the security, stability and integrity of the global financial system.» In this regard, the FATF decided to suspend the membership of the Russian Federation.
The FATF also alleges that Russia has committed «serious breaches» of its duty to cooperate, which is the FATF Standard, a set of rules that are a condition of FATF membership.
Although Russia has been excluded from the FATF, it remains a member of the Eurasian Money Laundering Group (EAG) and is expected to meet its financial obligations.
The FATF will continue to monitor the situation and consider at each General Assembly whether it is appropriate to continue the regulation.
The structure of the supervisory body includes representatives of more than 200 countries and regions of the world.
The FATF has also confirmed that Gibraltar will remain on the greylist. At the June FATF plenary session, the UK Overseas Territories and the world’s major centers of online gambling were added to the list of countries and territories subject to increased monitoring. At the same meeting, Malta was removed from the list.
Don’t forget to subscribe to our Telegram channel!
