Financial Crime Watchdog FATF Suspends Russia over Ukraine War

Counter Terrorist Financing, FATF, Money Launderinggracechurchfcp

PARIS, Feb 24 (Reuters) – Global financial crime watchdog Financial Action Task Force (FATF) suspended Russia’s membership on Friday, saying Moscow’s war in Ukraine violated the organisation’s principles.

FATF is an inter-governmental organisation set up to combat money laundering and terrorism financing by setting global standards and checking if countries respect them.

“This is the first time a member of FATF is suspended,” FATF President Raja Kumar told a news conference. “Russia is effectively sidelined from the organisation.”

Article Credit: https://www.reuters.com/world/europe/financial-crime-watchdog-fatf-suspends-russias-membership-over-ukraine-war-2023-02-24/