Russia is now banned from participating in any future project of the Financial Action Task Force (FATF), the global terrorism financing and money laundering watchdog.

FATF President T Raja Kumar told a news conference in Paris that the move came after Moscow invaded Ukraine.
Kumar said Russia’s actions continued to violate the FATF’s core principles, which are designed to promote the financial system’s safety, security and integrity.

“As a result of Russia’s continued actions, the FATF has decided to impose additional restrictions on the country’s remaining roles, including banning them from participating in current and future FATF projects,” he said.

Russia has also been banned from meetings of FATF-style regional bodies. “These measures expand on actions the FATF took in June to strip Russia of all leadership roles and other constraints,” Kumar said. FATF will continue to monitor the situation and consider in plenary whether there are reasons to lift or modify these restrictions.

He said that following statements made in March, April and June 2022, the FATF reiterated that all jurisdictions should be vigilant against new risks posed by measures taken against Russia to protect the international financial system.