FATF was aware of russia’s increased violations but decided not to blacklist it – Ukraine’s Ministry of Finance

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The Ukrainian Ministry of Finance disagrees with the decision of the Financial Action Taskforce (FATF) not to take further action against russia despite its growing violations of FATF standards.

“Since russia’s suspension from the FATF in February 2023, it has intensified activities related to money laundering, terrorism and proliferation financing, and sanctions evasion. The FATF was aware of russia’s increased violations but decided not to blacklist the country at the plenary meetings held in Paris this week. The Ministry understands that it is difficult to reach a consensus across the FATF’s broad membership. However, there is a risk that this latest decision could embolden russia to undermine global financial security even further,” the MFA said.

According to the Ministry of Finance, the kremlin has deepened cooperation with FATF-blacklisted states: trading in arms and fuel with North Korea in breach of UN sanctions, and building stronger ties with Iran, selling fighter jets, buying drones to attack Ukraine and linking the two countries’ banking systems. “The recent destruction of the Nova Kakhovka dam, the stationing of nuclear weapons in Belarus and the mining of the largest in Europe Zaporizhzhia nuclear power plant further demonstrate russia’s growing risk to global security. russia’s malign activity is carried out unashamedly and in full view of the world as a direct challenge to the established international order,” the message reads.

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