Financial Monitoring Service of Ukraine outlines risks Russia poses to the global financial security and rules-based order

The Financial Monitoring Service of Ukraine has published a scheme outlining the risks emanating from Russia to the global financial security and rules-based order.

This scheme demonstrates the nature of the destructive influence of the terrorist war waged by the RF against Ukraine and shows the place, role and actions of key institutions that ensure the global rules-based order and financial security. The analysis makes it possible to draw parallels between Russia’s violations of the Geneva Conventions and other special conventions under the mandate of the Financial Action Task Force (FATF) and the FATF Recommendations.

The FATF plenary and working groups are meeting in Paris on 20-24 February.

According to statements published in March, April, June and October 2022, the FATF underlines 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.

The FATF has already imposed a number of restrictions on Russia’s membership in the organization, depriving Russia of all its leadership roles and banning participation in current and future FATF project teams, as well as in meetings of the FATF-Style Regional Bodies as an FATF Member.

In addition, the FATF will continue to monitor the situation and consider the issue of Russia at each of its Plenary meetings.

Considering the above, the Financial Monitoring Service of Ukraine continues to communicate with the FATF and work on the collection of materials that can become the basis for further sanctions against Russia by the FATF. At the same time, we would like to emphasize that we strictly adhere to generally accepted principles of confidentiality and non-disclosure data in cooperation with the FATF.

We continue to call upon global AML/CFT/PF institutions to act decisively and implement effective solutions to help stop Russia’s brutal and unprovoked aggression against Ukraine and to protect the global financial security under threat from Russia’s behavior. Termination of Russia’s membership in the FATF and blacklisting of it by the FATF – these are the actions that the FATF can do to prevent the Russia from financing activities which undermine the global financial security and disrupt the global rules-based order.