Ukraine addressed FATF Member States and Observers Asking to Support its Bid for Blacklisting and Excluding Russia from FATF 

Minister of Finance of Ukraine Sergii Marchenko has approached 37 Finance ministers of the Financial Action Task Force (FATF) member states and observers requesting their support for the initiative to expel the Russian Federation from the FATF and including it on the “Black list”. The reason for this is a gross violation by Russia of the FATF general principles, failure to comply with the FATF standards, and the subsequent impact on the security situation in Ukraine and the world.

All the recent actions clearly demonstrate that the Russian Federation abuses its position as a FATF member, and does not comply with the standards of the organisation. Furthermore, this undermines global efforts to prevent terrorism financing, proliferation of weapons of mass destruction and money laundering.

After the beginning of the full-scale Russian invasion of Ukraine and well-documented war crimes committed by Russian troops in Ukraine, a number of international institutions have excluded Russia from membership.

Given the FATF's role in complying with global financial crime rules and the FATF's powerful rule of law tools, the FATF is expected to take a more proactive and constructive stance in responding to Russia's systematic and flagrant violations of international law.

Excluding Russia from the FATF and its subsequent blacklisting will also contribute to the global efforts to stop the bloody war at the heart of Europe that was started by Russia and has already displaced over 10 million people and killed thousands of civilian Ukrainians, including children. 

The FATF blacklisting will prevent the Russian regime from evading international sanctions, put on Russia over its brutal invasion of Ukraine, through various existing loopholes.

Russia’s outrageous attack on Ukraine and subsequent numerous war crimes have already made the country a high-risk state for investment and business, however, many businesses continue working with Russia. The FATF lists serve as important reference points for many businesses and investors when they assess the risks of dealing with a country. If Russia is blacklisted by the FATF, the risks of continuing business with Russia will increase, hence, making it less attractive for global businesses. It will also make trading with Russia more difficult, hence, helping to starve the Russian war machine of funding. 

“Russia has undermined the FATF principles and standards by using its financial and banking system to fund terrorist organisations. It has supported Syria and North Korea -  states sponsors of terrorism (designated by the USA). It has launched a barbaric attack against Ukraine, using various organisations, including those recognised by numerous civilized nations as terrorists. Russia has also supported and enabled the proliferation of weapons of mass destruction to states-sponsors of terrorism, creating ultimate risks for global peace and security.” Finance Minister Marchenko said.

“The evil must not be allowed to abuse international systems to perpetuate its assault. We have an obligation to uphold the rule of law and the international order. Hence, we urge all FATF member states and observers to support Ukraine’s initiative and ensure FATF remains a strong instrument for preventing terrorism financing and money laundering in the world” he added.