FATF Prohibits Russia From Participating In Its Future Projects

FATF Prohibits Russia From Participating In Its Future Projects

by PTI - Oct 22, 2022 10:39 AM +05:30 IST
FATF Prohibits Russia From Participating In Its Future ProjectsRussian President Vladimir Putin

Russia has been barred from participating in future projects of global terror financing and money laundering watchdog Financial Action Task Force (FATF).

Addressing a press conference in Paris, FATF chairperson T Raja Kumar said the move comes in the wake of Moscow’s invasion of Ukraine.

Kumar said Russia’s actions continued to violate FATF’s core principles, which aim to promote security, safety and integrity of financial systems.

“As a result of Russia’s continuing actions, the FATF has decided to impose additional restrictions on the country’s remaining role, including by barring them from participating in current and future FATF projects,” he said.

Russia is also barred from participating in meetings of the FATF-Style Regional Bodies. “These measures expand on the actions that the FATF took in June, which stripped Russia of all its leadership roles among other restrictions,” Kumar said.

The FATF will continue to monitor the situation and consider at each of its plenary meetings whether grounds exist for lifting or modifying these restrictions.

He said that following the statements issued in March, April and June 2022, the FATF reiterates that all jurisdictions should be vigilant to emerging risks from the circumvention of measures taken against Russia in order to protect the international financial system.

(This story has been published from a wire agency feed without any modifications to the text. Only the headline has been changed.)

Get Swarajya in your inbox everyday. Subscribe here.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Comments ↓
Get Swarajya in your inbox everyday. Subscribe here.

Latest Articles

    Artboard 4Created with Sketch.