The Financial Action Task Force (FATF) may add Russia to the blacklist next week. This was reported by Politico, citing a confidential document in the publication’s possession. According to him, Kyiv is trying to add Moscow to the list of high-risk countries.
The meeting on blacklisting Russia will be held on October 22.
“Ukraine’s last attempt is [по включению РФ в черный список] If proven successful, Russia would join Iran, North Korea and Myanmar on the FATF list of highest-risk countries,” writes Politico.
The publication states that the inclusion of the Russian Federation in the blacklist requires the consensus of FATF member states.
What is Russia accused of?
According to the document cited by Politico, the reason for Russia’s blacklisting may be its close financial and military cooperation with high-risk countries such as North Korea and Iran:
“It also highlights Russia’s illegal activities as well as its financing of private militias such as the Wagner PMC.”
Russia is also accused of using the Telegram app and cryptocurrencies to finance terrorism and launder “money from the sale of goods stolen during the invasion of Ukraine,” from grain to minerals.
The FATF blacklist includes countries with “serious strategic deficiencies” in combating money laundering and terrorist financing, and these countries are assigned a high level of risk. explains RBC.
“All other states complying with FATF recommendations must robustly verify all financial transactions from blacklisted countries and, in some cases, may implement “countermeasures to protect their financial systems” and not accept payments from there,” the release explains.
“Of course it is [включение РФ в черный список] “It will complicate payments because this will extend deadlines for compliance, there may be some denials of payments in addition to what’s happening now.” spoke in the summer the head of the Central Bank, Elvira Nabiullina.
According to him, this will worsen foreign trade activity, but is unlikely to significantly affect trade volumes for major items.
Russia’s FATF membership has been suspended
FATF suspended Russian membership in February 2023. Later Rosfin viewing statedthat this does not entail any obligations or restrictions on financial institutions in Russia and abroad.
FATF has so far refrained from downgrading Russia.
“Now Ukraine has stepped up its campaign to change that,” Politico writes.
In the summer of 2023, Russia warned at least 12 countries about the consequences of its inclusion on the FATF blacklist. reported Bloomberg.
“There is no ‘black mark’ behind us” sure journalists, Deputy Minister of Foreign Affairs of the Russian Federation Alexander Pankin a year ago. – This [решение о включении в список] Absolutely everything is being politicized. So we hope everything will be fine. So there is no [цветов списка]except white.”