Russia-Ukraine war:FATF suspends Russia's membership...
The financial action task force (FATF), a global organisation that monitors financial crime, on friday suspended Russia's participation due to its "illegal, unjustified, and unprovoked" full-scale military invasion of Ukraine. According to FATF, Russia's actions "unacceptably ran" counter to its core values, which seek to advance the security, safety, and integrity of the international financial system.
According to the statement released following the FATF plenary held in Paris, one year after Russia's illegal, unwarranted, and unjustified full-scale military invasion of Ukraine, FATF reiterates its sincere sympathies for the Ukrainian people and continues to be appalled by the significant loss of life and malicious destruction brought on by Russia's ongoing "brutal attack" on Ukraine.
The FATF issued a statement "strongly condemning" Russia's "war of aggression" against Ukraine, saying that over the past year, it has "intensified its inhumane and brutal assaults" on vital public infrastructure.
The international watchdog on terrorism funding expressed its deep concern over reports of an arms trade between russia and countries that have been sanctioned by the UN as well as malicious cyber activities coming from Russia.
The FATF said that Russian's actions are unacceptable and go against the organization's core principles, which are intended to promote security, safety, and the integrity of the global financial system. They also represent a serious breach of the principles of international cooperation and respect, which FATF members have agreed to uphold in order to implement and support the organization's standards, the FATF said.
The FATF decided to suspend the Russian Federation's participation in light of the aforementioned. The responsibility to execute the FATF standards remains with the Russian Federation.
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