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Politico: Ukraine criticizes global body’s failure to blacklist Russia for financial crimes

Ukraine blasts FATF’s decision to keep Russia off its “blacklist” of countries with the worst financial crime issues, arguing that Russia poses a threat to global security and finance.
byYuri Zoria
29/10/2024
2 minute read
politico ukraine criticizes global body's failure blacklist russia financial crimes fatf meeting
A FATF meeting. Illustrative image. Screenshot: Youtube/The Financial Action Task Force
Politico: Ukraine criticizes global body’s failure to blacklist Russia for financial crimes

Ukraine has reacted with fury over a decision by the world’s anti-money laundering watchdog, the Financial Action Task Force (FATF), to keep Russia off its “blacklist” of countries with the worst financial crime issues, Politico reported.

Despite Ukraine’s persistent campaign to add Russia to the Financial Action Task Force (FATF) blacklist, the October 25 vote failed. Kyiv had lobbied for this measure in light of ongoing Russian aggression and Moscow’s use of illegal and gray schemes to circumvent international sanctions imposed due to the invasion of Ukraine.
The FATF plenary session took place from 23 to 25 October 2024. According to the organization’s report, members reaffirmed the decision to maintain the suspension of the Russian Federation from FATF activities. However, Ukraine’s Economy Ministry reported on 26 October that FATF member states failed to reach consensus to place Russia on the blacklist, despite numerous documented violations by Russia of FATF standards and recommendations since its suspension.

According to Politico, Vladyslav Vlasiuk, adviser to the Office of the President of Ukraine and presidential commissioner for sanctions policy stated,

“Russia has displayed both the capacity and intent to engage in activities harmful to FATF member states and the FATF’s mission,” he said, adding it is “disappointing” that several countries, including China, India, Saudi Arabia, and South Africa, voted against including Russia on the blacklist in an October 25 vote.

FATF sets global standards for anti-money laundering and terrorist financing. Blacklisting a country requires financial institutions doing business with that state to conduct greater due diligence on the original sender and beneficiary of any payment.

“FATF member states again failed to recognize the threat that Russia poses to global security and the global financial system, demonstrated by its malicious cyberattacks, economic warfare and destabilizing activities worldwide and in FATF member states,” Vlasiuk said in a statement.

Politico says Nicki Kenyon, working at the Institute for Financial Integrity in Washington, DC, criticized Russia’s exclusion from the FATF blacklist, arguing it undermines efforts to safeguard the global financial system, given significant evidence of Russia’s destabilizing activities.

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