Russia has been barred from taking part in future initiatives of the Financial Action Task Force (FATF), a worldwide terror financing and cash laundering watchdog.
Addressing a press convention in Paris, FATF President T Raja Kumar mentioned the transfer comes within the wake of Moscow’s invasion of Ukraine.
Kumar mentioned Russia’s actions proceed to violate the FATF’s core ideas, which goal to advertise the protection, safety and integrity of monetary methods.
“As a result of Russia’s continued actions, the FATF has decided to impose additional restrictions on the country’s remaining role, barring them from participating in current and future FATF projects,” he mentioned.
Russia has additionally been barred from attending conferences of FATF-style regional our bodies. “These measures expand on the actions taken by the FATF in June, which stripped Russia of all its leadership roles, among other sanctions,” Kumar mentioned.
The FATF will proceed to watch the scenario and contemplate at every of its plenary conferences whether or not there are grounds for lifting or modifying these restrictions.
He added that following the statements issued in March, April and June 2022, the FATF reiterates that each one jurisdictions needs to be alert to the dangers rising from the withholding of measures taken towards Russia to guard the worldwide monetary system.
With inputs from TheIndianEXPRESS
