WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has informed U.S. financial institutions that the Financial Action Task Force (FATF) has suspended the Russian Federation’s membership from FATF.
In a statement, the FATF said, “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.”
The FATF further urged “all jurisdictions to remain vigilant of threats to the integrity, safety and security of the international financial system arising from the Russian Federation’s war against Ukraine.”
‘Emerging Risks’
“All jurisdictions should be alert to possible emerging risks from the circumvention of measures taken in order to protect the international financial system and take the necessary measures to mitigate these risks,” FinCEN noted in its release.
Since Russia’s invasion of Ukraine in February 2022, FinCEN has published four alerts highlighting for U.S. financial institutions red flags for potential illicit financial activity, including sanctions and export controls evasion, by entities and individuals supporting Russia’s war against Ukraine.
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