Ministry of Finance of Ukraine urges FATF to blacklist Russia

The Ministry of Finance of Ukraine and the Financial Monitoring Service of Ukraine have issued a statement calling on the Financial Action Task Force on Money Laundering (FATF) to blacklist Russia.

The statement was published on the agency's website.

Among Russia's violations of FATF standards, the Ministry of Finance cited Putin's recognition of the financing of the Wagner PMC, as well as Russia's increased cooperation with Iran and North Korea.

"In February [2023], FATF acted decisively to suspend Russia, acknowledging that its actions run counter to the organisation’s core principles. Since then, Russia has only escalated its violations of FATF's standards and UN sanctions," said Serhii Marchenko, Minister of Finance of Ukraine.

According to the Ministry of Finance, Russia continues to blackmail the member states of the group to get them on its side. For example, Russia pressured African countries to ratify its observer status in the Group in Eastern and Southern Africa.

Russia enlisted the support of China and Saudi Arabia and threatened India with changes to key trade and defence agreements if it did not support the FATF blockade.

FATF is the International Group on Combating Money Laundering, Terrorist Financing and the Proliferation of Weapons of Mass Destruction.

Photo: FATF | X