Kumar mentioned Russia’s movements proceed to violate the FATF’s core ideas of strengthening the security, soundness and integrity of monetary techniques.
“Because of Russia’s ongoing movements, the FATF has determined to impose further restrictions at the nation’s final function, together with by means of banning participation in present and long term FATF tasks,” he mentioned.
Russia may be prohibited from collaborating in conferences of regional our bodies just like the FATF. “Those measures make bigger on movements taken by means of the FATF in June that stripped Russia of all its management roles, amongst different restrictions,” Kumar mentioned.
The FATF will proceed to watch the location and imagine at every of its plenary conferences whether or not there are grounds for lifting or converting those restrictions.
He mentioned that following statements issued in March, April and June 2022, the FATF reiterates that every one jurisdictions should be vigilant for rising dangers from circumvention of measures taken in opposition to Russia so as to give protection to the global monetary machine.