2023-06-21 16:26:13
The Russian central bank is resisting efforts to put the country on the international anti-money laundering body FATF’s black list for the war against Ukraine. There are “no objective” reasons for this, said central bank chief Elvira Nabiullina on Wednesday. The Financial Action Task Force (FATF) is the most important international body for combating and preventing money laundering, the financing of terrorism and the proliferation of weapons of mass destruction. It suspended Russia’s membership in February, saying the war in Ukraine violated the organization’s principles.
Ukraine, which is not itself a member, urged the FATF to go one step further and blacklist Russia at its meeting in Paris this week. “I believe that there are no objective, technical reasons for blacklisting us,” Nabiullina told parliamentarians. Your country has put in place an effective anti-money laundering system. “If the decision is made, it would be politically motivated.”
This in turn would have negative consequences for Russia. This could make international payment processing more difficult. “It would prolong compliance procedures even further and could block some payments,” the central banker warned.
Friedrich Schmidt Published/Updated: , Recommendations: 32 Markus Frühauf Published/Updated: , Recommendations: 20 Andreas Mihm, Vienna Published/Updated: , Recommendations: 13 Markus Frühauf Published/Updated: , Recommendations: 11
Founded in 1989 and based in Paris, the FATF has 39 member countries. The panel lists countries as “high risk” if they have “significant strategic deficiencies” in addressing these issues. Russia is the first country ever to be suspended by the FATF. But it is still a member. The suspension means she is banned from attending meetings and accessing documents, the FATF said.
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