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FATF Suspended Russia from its Membership

Published on February 25, 2023

Current Context: The Financial Action Task Force (FATF) is a global watchdog that sets standards for combating money laundering, terrorist financing and other illicit financial activities.On 24th February 2023,FATF announced that it had suspended Russia's membership for its "illegal, unprovoked and unjustified" full-scale military invasion of Ukraine.

FATF Suspended Russia from its Membership
  • FATF said that Russia's actions violated its principles of respect for sovereignty, territorial integrity and human rights
  • FATF also expressed concern over reports of arms trade between Russia and UN-sanctioned jurisdictions, and malicious cyber-activities by Russia
  • The suspension means that Russia can no longer attend FATF meetings or access its documents, and remains accountable for implementing FATF standards
Some possible impacts of FATF suspending Russia's membership:
  • Russia may face difficulties in accessing international financial markets and conducting cross-border transactions.
  • Russia may face increased scrutiny and pressure from other countries to comply with FATF standards and end its aggression against Ukraine.
  • Russia may lose its influence and credibility in the global fight against money laundering and terrorist financing.

Question:

Q.1 What is the name of the global watchdog on terror financing that suspended Russia’s membership?
a. FATF
b. IMF
c. UN
d. NATO
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