The members of the Financial Action Task Force (FATF) have agreed to suspend Russia’s membership of the global financial crime watchdog. They say Russia’s continuing and intensifying war of aggression against Ukraine runs counter to the FATF’s principles of promoting security, safety and the integrity of the global financial system.

The decision falls short of calls from Ukraine to expel Russia from the global financial crime watchdog and include it on its list of high-risk jurisdictions, often referred to as the black list (Trade-based Financial Crime, 17 February 2023).

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