FATF refuses to blacklist Russia, Ukraine protests
Ukraine’s proposal to include Russia on the Financial Action Task Force (FATF) blacklist did not receive support during the organization’s plenary session in Paris on June 19-23, Interfax-Ukraine reported on June 23.
However, the FATF confirmed the suspension of Russia's membership in the organization.
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The FATF is a G7-founded transnational organization focused on combating money laundering and terrorism funding, and works to encourage nations to adopts its anti-money laundering policy recommendations. The FATF blacklist often results in affected organizations and entities facing increased financial scrutiny, and financial institutions will commonly refuse to do any business with a FATF blacklisted entity.
In regards to Russia, the FATF reiterated its previous position, announced in a statement on February 24, 2023, emphasizing that all jurisdictions should remain vigilant to potential emerging risks related to the circumvention of measures aimed at safeguarding the international financial system, and take necessary actions to mitigate these risks.
Ukrainian Finance Minister Serhiy Marchenko criticized the decision, stating; "Russia unquestionably meets the criteria for blacklisting, and we disagree with the FATF's decision not to include Russia on the blacklist."
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"Every day of delay and inaction only contributes to further chaos and destruction."
He further emphasized the need for the international community to have a united position in countering the threat that Russia poses to the integrity of the global financial system.
Earlier, the Governor of the National Bank of Ukraine, Andriy Pyshnyy, expressed his expectation that Russia would be blacklisted by the FATF in June and stated his intention to pursue this decision.
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