Russia is suspended from Financial Action Task Force (FATF) membership

Russia is suspended from Financial Action Task Force (FATF) membership

Daily Current Affairs   /   Russia is suspended from Financial Action Task Force (FATF) membership

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Category : International Published on: February 28 2023

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  • Global anti-money laundering watchdog the Financial Action Task Force has suspended Russia's membership over Moscow's invasion of Ukraine.
  • It is the first time a country has been removed in FATF’s 34-year history for its “illegal, unprovoked and unjustified” full-scale military invasion of Ukraine.
  • The FATF sets standards for more than 200 countries and jurisdictions and seeks to help authorities tackle serious crime including drug smuggling, human trafficking and terrorism.
  • Russia has already been expelled from the Council of Europe and suspended from the UN Human Rights Council, but it is still a member of several international organizations.
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