The State Financial Monitoring Service of Ukraine took part in the FATF Plenary meeting. Another FATF Statement on the further RF’s membership restrictions has been published
During October 18-21, 2022, the SFMS participated in the regular FATF Plenary and the relevant Working Groups meetings which took place in Paris, France.
The Plenary meeting considered a number of issues related to the global AML/CFT/PF actions taken by the FATF and its members, namely:
- Reports of the Working groups (ICRG, GNCG, RTMG);
- RF’s membership status in the FATF and imposing sanctions on it by the FATF;
- The FATF President priorities for 2022-2024 etc.
Following the consideration of the RF membership issue, the FATF adopted the relevant Statement published on its official web-site.
According to the Statement, the FATF reiterated its deepest sympathies for the needless loss of life, suffering and destruction caused by the ongoing Russian invasion of Ukraine.
Russia’s actions continue to violate FATF’s core principles, which aim to promote security, safety and the integrity of the financial system. As a result of Russia’s continuing actions, the FATF has decided to impose additional restrictions on the country’s remaining role, including by barring them from participating in current and future FATF projects. Russia is also barred from participating in meetings of the FATF-Style Regional Bodies as an FATF Member. These measures expand on the actions that the FATF took in June, which stripped Russia of all its leadership roles among other restrictions. The FATF will continue to monitor the situation and consider at each of its Plenary meetings whether grounds exist for lifting or modifying these restrictions.
Following the statements issued in March, April and June 2022, the FATF reiterates that all jurisdictions should be vigilant to emerging risks from the circumvention of measures taken against Russia in order to protect the international financial system.
After the end of the Plenary meeting, the Head of the State Financial Monitoring of Ukraine Igor Cherkaskyi stated:
«The FATF decision demonstrates a consolidated position of the civilized world regarding the permanent pressure on the RF which will only increase. Actions of the aggressor country have a significant negative effect on the integrity of the international financial system and violate the global financial security. We have discussed it in details with the delegations of the FATF member countries. Our partners assured us in further supporting Ukraine and focusing efforts on the way to reach the consensus for promoting the next decisions».
The SFMS continues to take measures for further isolation of the RF in financial monitoring and imposing sanctions on it.