Russia not expelled by FATF, limiting sanctions to a diminished role in the task force
It was announced today that Russia will be allowed to remain a member of the global Financial Action Task Force.
Following the invasion of Ukraine earlier this year, there were indications that Moscow would be kicked out of the world's AML and AFC watchdogs.
Russia, on the other hand, could stay, according to the task force, albeit with a reduced role in the agency's operations.
"FATF has decided to severely limit the Russian Federation’s role and influence within the FATF. In particular, the Russian Federation can no longer hold any leadership or advisory roles or take part in decision-making on standard-setting, FATF peer review processes, governance and membership matters," according to the Paris-based organization.
The Russian Federation will no longer participate in FATF peer-review processes as assessors, reviewers, or other experts.
According to the FATF they will "continue monitor the situation and consider at each of its Plenary meetings whether the grounds exist for lifting or modifying these restrictions."
The agency also acknowledged "the role the Russian Federation has played in the development of the Global Network in the Eurasian region since the Russian Federation joined the FATF in 2003," sending a mixed message.
By fLEXI tEAM