FATF suspends Russia's membership over Ukraine war

Global anti-money laundering watchdog the Financial Action Task Force (FATF) has suspended Russia's membership over the Ukraine war.  

In a statement, Financial Action Task Force said that the Russian Federation's actions unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity of the global financial



system. 

FATF deals with money laundering and terrorism financing prevention. It sets standards for more than 200 countries and jurisdictions and seeks to help authorities tackle serious crimes including drug smuggling, human trafficking and terrorism. The Paris based watchdog said that Russia still remains accountable for its obligation to implement the FATF Standards.