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Russia's Central Bank Governor Refutes Objective Reasons for Potential FATF Blacklisting

Elvira Nabiullina, the Governor of Russia's Central Bank, addressed concerns today regarding the potential inclusion of Russia on the Financial Action Task Force's (FATF) blacklist.

Russia's Central Bank Governor Refutes Objective Reasons for Potential FATF Blacklisting

Earlier this year, FATF suspended Russia's membership in February, citing violations of its principles due to Moscow's involvement in the Ukraine conflict. However, Ukraine, which is not a member of FATF, has urged the organization to take further action and blacklist Russia during its meetings in Paris this week.

Nabiullina expressed her belief that there are no valid, objective reasons to warrant Russia's inclusion on the blacklist. She emphasized that Moscow has implemented an effective system to combat money laundering and has taken necessary measures to address the issue. She stated, "I believe that there are no objective, technical reasons for adding us to the blacklist. The decision, if taken, would be politically motivated, but if such a decision is taken, it will, of course, have negative consequences for us."

Nabiullina highlighted that being blacklisted would have adverse effects on international settlements, leading to increased compliance procedures and potential payment blockages. She expressed concerns about the potential repercussions such a decision would have on Russia's financial interactions with other countries.

The FATF, based in Paris, is a group of 39 member countries dedicated to combating money laundering, terrorism financing, and weapons proliferation. Countries with "significant strategic deficiencies" in addressing these issues are listed as "high-risk" by the organization. While Russia remains a member, its suspension prevents it from attending meetings and accessing relevant documents, as confirmed by FATF.

As discussions continue within FATF regarding Russia's status, Nabiullina's remarks underscore Russia's stance that the potential blacklisting would lack objective justifications and would primarily be driven by political considerations.



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