Russia’s invasion of Ukraine is a “gross violation” of standards committed to by members of the Financial Action Task Force (FATF) which has said it will “consider what future steps are necessary to uphold these core values.”

A statement issued by the financial watchdog expresses its grave concern about the invasion’s impact on the money laundering, terrorist financing and proliferation financing risk environment as well as the integrity of the financial system, the broader economy and safety and security.

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