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Russia has been banned from participating in a future project of the Financial Action Task Force (FATF), the global terrorist financing and money laundering watchdog.
FATF President T Raja Kumar told a news conference in Paris that the move followed Moscow’s invasion of Ukraine. Kumar said Russia’s actions continued to violate the FATF’s core principles, which are designed to promote the safety, security and integrity of the financial system.
“As a result of Russia’s continued actions, the FATF has decided to impose additional restrictions on the country’s remaining roles, including banning them from participating in current and future FATF projects,” he said.
Russia is also barred from participating in meetings of FATF-style regional bodies. “These measures expand on actions taken by the FATF in June that stripped Russia of all leadership roles and other constraints,” Kumar said.
FATF will continue to monitor the situation and consider at each of its plenary meetings whether there are reasons to lift or modify these restrictions.
He said that, following statements made in March, April and June 2022, the FATF reiterated that all jurisdictions should be alert to new risks posed by circumventing measures taken against Russia to protect the international financial system.
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