Global money laundering body will consider blacklisting Russia – POLITICO

Publicly, the FATF has stated that it views Russia’s aggression as unacceptable and contrary to its “fundamental principles,” but in practice, downgrading Russia requires consensus among its multilateral members.

The intergovernmental body currently brings together around 40 countries, including China, India, Brazil, South Africa and Saudi Arabia, three times a year to assess which countries should enter or leave the gray and black lists.

Ukraine first asked for Russia to be named among high-risk jurisdictions in April 2022, according to the document, and has consistently – albeit unsuccessfully – presented new evidence for Moscow to be declassified since then.

To succeed in the latest round of meetings, Ukraine will have to persuade an internal FATF body tasked with reviewing nominations and supporting evidence, and which meets on October 22, to recommend the proposal for formal consideration.

If Ukraine’s latest proposal is successful, Russia will join Iran, North Korea and Myanmar on the FATF’s highest risk list.

The dossier submitted for consideration by members highlights the close financial and military cooperation between Russia and high-risk countries, such as North Korea and Iran. It also highlights Russia’s financing of private militias, such as the Wagner Group, and the activities illegal activities associated with them.

There are also references to the role that Telegram messaging app channels and cryptocurrencies play in Russia’s facilitation of terrorist financing and the the laundering of “money obtained from goods stolen during the invasion of Ukraine” – from grains to minerals.