Global anti-money laundering watchdog FATF suspends Russia’s membership

The FATF sets standards for more than 200 countries and jurisdictions and seeks to help authorities tackle serious crime including drug smuggling, human trafficking and terrorism. The anti-money laundering watchdog said that Russia was still accountable for implementing FATF’s standards

|Feb 24, 2023, 21:31:28 IST

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 crime 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.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.

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