Financial Action Task Force Suspends Russia's Membership

The FATF sets standards for more than 200 countries and jurisdictions and seeks to help authorities tackle serious crime.

Global anti-money laundering watchdog the Financial Action Task Force said on Friday it has suspended Russia's membership over Moscow's invasion of Ukraine.

The FATF sets standards for more than 200 countries and jurisdictions and seeks to help authorities tackle serious crime including drug smuggling, human trafficking and terrorism.

"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 group said.

It added that Russia was still accountable for implementing FATF's standards.