Terror financing watchdog bars Russia from future projects, blacklists Myanmar

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Terror financing watchdog bars Russia from future projects, blacklists Myanmar
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The Financial Action Task Force put additional restrictions on Russia over its continued attack against Ukraine. The global terror financing watchdog also blacklisted Myanmar on Friday.

New Delhi,UPDATED: Oct 21, 2022 22:36 IST

Russian President Vladimir Putin had recently escalated attacks against Ukraine. (File photo: AP)

By India Today Web Desk: Russia has been barred from participating in the future projects of the Financial Action Task Force (FATF).The global terror financing and money laundering watchdog cited the Kremlin’s continued military attacks against Ukraine for the additional restrictions imposed on Russia.

FATF chairperson T Raja Kumar said Russia’s actions continued to violate the organisation’s core principles, which aim to promote security, safety and integrity of financial systems.

“As a result of Russia’s continuing actions, the FATF has decided to impose additional restrictions on the country’s remaining role, including by barring them from participating in current and future FATF projects,” T Raja Kumar said on Friday.

A global financial watchdog has moved to limit Russia’s role and influence in the organization, citing the Kremlin’s invasion of Ukraine, the group said Friday.

The Financial Action Task Force, a Paris-based intergovernmental body that sets anti-money-laundering law standards, has also barred Russia from participating in meetings of the FATF-Style Regional Bodies.

“These measures expand on the actions that the FATF took in June, which stripped Russia of all its leadership roles among other restrictions,” T Raja Kumar said.

The additional restrictions imposed by FATF are the latest curbs imposed on Russia in the wake of the escalation of military strikes against Ukraine.

Meanwhile, the terror financing watchdog placed Myanmar on its blacklist on Friday. Apart from Myanmar, North Korea and Iran continue to be on FATF’s blacklist.

(With inputs from PTI)



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