The Financial Action Task Force (FATF) has just suspended a member for the first time since its creation in 1989. This is Russia, which has been suspended from the organization for “clear violation” of the FATF's “fundamental principles.”

Although obliged to respect the FATF principles, Russia is no longer a member of the organization. In a statement, the FATF states that “the unacceptable actions of the Russian Federation are contrary to the fundamental principles of the FATF aimed at promoting the security and integrity of the financial system.”

But for Russia, “this decision (...) does not entail any obligations or restrictions for financial institutions in Russia and abroad. The Russian 'fight against money laundering' system will continue to operate in accordance with the legislation in force.” “Such a decision is unfounded (and) does not respect established procedures and exceeds the organization's mandate,” Moscow insisted.

The FATF has so far had 39 members and more than 200 countries and jurisdictions in total have committed to implementing its standards.