The FATF has confirmed a blatant violation of international standards by Russia
On April 21, 2022, a meeting of FATF ministers took place in Washington DC (USA).
Based on the results of the meeting, the relevant Declaration and Strategic Vision of the system development for the period 2022-2024 were adopted.
In the Declaration, the FATF recalled its own Public Statement in connection with the tragic events in Ukraine on March 4, 2022, and confirmed that the Russian invasion of Ukraine contradicts the core principles of the FATF and is a blatant violation of the obligations under which FATF ministers agree to implement and support the FATF Standards.
The FATF also called on jurisdictions to take into account the risks posed by Russia's aggression against Ukraine and to be vigilant about threats to the integrity and security of the international financial system arising from Russia's actions.
Separately, the FATF expressed its deep sympathies to the people of Ukraine on the huge human casualties.
In addition, at that meeting, the representatives of the member states have committed themselves to take swift and decisive action to improve the effectiveness of measures to combat money laundering, terrorist financing and the proliferation of weapons of mass destruction. These commitments include compliance with the FATF Global Standards on Beneficiary Ownership.
During the biennial ministerial meeting, participants pledged to address shortcomings in their legislation and agreed on Strategic Priorities for the next two years (2022-2024) to enhance the effective implementation of FATF Standards.
Also, FATF members and 2 regional organizations agreed to strengthen the FATF Global Network, maintain a system of mutual evaluation of jurisdictions, ensure stable FATF funding and use digital transformation to enhance the fight against money laundering and terrorist financing.
In addition, it should be noted that the FATF International Co-operation Review Group (ICRG) is currently considering the issue of including Russia in the FATF blacklist and excluding it from the FATF membership. This issue was initiated by the SFMS before the FATF in accordance with the Rules of Procedures of the 5th Round of Mutual Evaluations of the Council of Europe Committee of Experts on Mutual Evaluation of Anti-Money Laundering and Terrorist Financing Measures (MONEYVAL).