The International Anti-Money Laundering Group (FATF) at its last meeting refrained from adding Russia to its “black list”, despite the existence of evidence of its systematic violation of international standards. Reacting to this position, Ukraine called on other states not to wait for the decisions of global organizations, but to actively apply national measures to protect their economies from risks associated with Russia. About this informs press service of the Ministry of Finance of Ukraine.
The Ministry of Finance approved the FATF’s decision to support the suspension of Russia’s membership, which was adopted at a plenary session last week in Paris. In February 2023, the organization took an unprecedented step by freezing the membership of the Russian Federation, which was a recognition of its actions as incompatible with the FATF’s goal of promoting the safety and stability of the global financial system. Particular attention was paid to Russia’s ties with countries on the “black list” and its participation in cyber activities with a high risk for the international community.
The Ministry of Finance of Ukraine emphasized that after the suspension of membership, Russia strengthened cooperation with North Korea and Iran, which are also the objects of tough international sanctions. According to the agency, the Russian Federation supplied oil to the DPRK in exchange for military support and launched North Korean missiles on the territory of Ukraine. It has also been confirmed that North Korea has recently sent its military to support the Russian invasion. In addition, the Ministry of Finance noted Russia’s purchase of ballistic missiles from Iran, which was accompanied by the deepening of financial cooperation between the two countries.
The Ministry of Finance of Ukraine emphasized that Russia’s active cyber activities continue to cause damage to important services and economies in various countries. The Ministry of Finance noted that Russia provides protection to the cybercriminal group Evil Corp, which carries out attacks on critical infrastructures in FATF member states.
FATF also drew attention to the need for increased vigilance regarding current and emerging risks that Russia poses to the global financial system. However, the Ministry of Finance of Ukraine called on the governments of other countries not to rely only on global organizations, but to actively use their national mechanisms to counter Russia’s financial crimes.
The Ministry emphasized that the threats posed by the Russian Federation to the stability of the global economy are growing against the background of its attempts to achieve success in its military operations. Ukraine has expressed readiness to cooperate with other countries to better understand the risks posed by the Russian system, which, according to the Ministry of Finance, does not sufficiently combat money laundering and terrorist financing.
It will be recalled that the FATF’s “black list” includes countries such as North Korea, Iran and Myanmar, while Algeria, Angola, Ivory Coast and Lebanon were added to the “grey list”, under increased monitoring, while Senegal excluded from this list.
