The Asia/Pacific Group on Money Laundering (APG) has terminated cooperation with the RF

During July 26-28, 2022, the Plenary meeting of the Asia/Pacific Group on Money Laundering (APG) was held in the capital of Malaysia, Kuala Lumpur.

At the meeting, the APG membership made a decision to terminate the observer status of the Russian Federation (RF) in this international organization to which it has been an observer since 2010.

This decision was preceded by an official appeal of the State Financial Monitoring Service of Ukraine dated April 28 of this year to the APG leadership with a request to consider the mentioned issue at the next Plenary meeting of the APG.

In its Public Statement on terminating the observer status of the RF, the APG notes that this decision was based on the Financial Action Task Force’s (FATF) June 2022 decision to restrict its FATF membership rights.

As the Head of State Financial Monitoring Igor Cherkaskyi noted: «This logical decision of the Asia/Pacific Group once again demonstrates the sequence of steps taken by the international community in order to fairly respond to the criminal actions of the RF in the war against Ukraine. We are grateful to the APG for supporting Ukraine in this diplomatic struggle and we are sure that the process of isolating the RF in the international arena will continue».

More detailed information about the APG decisions can be found on its official website at the following link: https://bit.ly/3vxd2dX.

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APG is a FATF-style regional body (similar to MONEYVAL), officially established in 1997 with the Secretariat in Sydney (Australia). 41 jurisdictions are members of this body, as well as 7 countries and 33 more international organizations, including MONEYVAL, are now observers.