The Paris-based Financial Action Task Force (FATF), an international standard-setting body on illicit finance, has suspended Russia from its membership. It is the first time a country has been removed in FATF's 34-year history. The FATF said in a statement on February 24 that the suspension was warranted by “Russia’s unlawful, immoral, and unprovoked war against Ukraine.” FATF members lead the global effort on combating money laundering and the financing of terrorism and the proliferation of weapons of mass destruction, and members are expected to uphold and promote core principles that safeguard the global financial system, the U.S. Treasury Secretary Janet Yellen said in a statement.
Russia Suspended From Global Body On Illicit Finance
U.S. Treasury Secretary Janet Yellen (file photo)