AML Intelligence news agency has published an article by the Head of the State Financial Monitoring Service of Ukraine Igor Cherkaskyi

AML Intelligence news agency has published an article by the Head of the State Financial Monitoring Service of Ukraine Igor Cherkaskyi “OPINION: How FATF can act against deepening Russia-North Korea alliance with tougher measures”.

In this article, the Head of the State Financial Monitoring Service of Ukraine informed the international community in detail about the facts that indicate that Russia has not changed its behaviour after suspension from the Financial Action Task Force (FATF) and the need for the FATF to strengthen its measures to reduce the risks associated with the alliance between Russia and the DPRK. The Head of the Financial Intelligence Unit of Ukraine noted that blacklisting Russia would significantly limit its access to the global financial system and thus strengthen international financial security.

"To support its failing military bogged down in Ukrainian fields, Russia has become increasingly reliant on North Korea for munitions supply in violation of UN sanctions. It has fired dozens of North Korean ballistic missiles on peaceful Ukrainian cities this year. To cover up its violations, in March 2024, Russia exercised its veto to discontinue the UN expert panel monitoring North Korea sanctions implementation" the article says.

The article also mentions Russia's financing of terrorism and growing ties with the Taliban. At the time, when Russia continues to have access to the global banking system, it is integrating the most dangerous global actors into its economy, while also weakening money laundering safeguards and corporate transparency standards.

Finally, it is suggested that FATF member states need not wait for blacklisting to occur before acting. Most countries have their own lists of jurisdictions that pose a high risk of money laundering and terrorist financing. Failing to address its egregious violations of international norms will only invite intensifying malicious behavior.

This publication is relevant in the context of the FATF Plenary Meeting taking place in Singapore this week.

The full text of the article is available on the AML Intelligence agency's website: http://surl.li/aebxav