FATF did not include Russia in the black or gray lists

As we expected in a recent newsletter , the International Anti-Money Laundering Task Force (FATF) did not include Russia in its penalty lists. The final communique, published after the end of the organization’s plenary session in Paris, only talks about maintaining the suspension of Russia’s membership in the FATF and the risks of circumventing sanctions.

“The suspension of membership of the Russian Federation remains in force. Continuing statements made since March 2022, the FATF reminds all jurisdictions to remain vigilant against current and emerging risks associated with circumvention of measures taken against the Russian Federation to protect the international financial system.

Getting blacklisted by FATF would threaten the Russian economy with more serious problems than being disconnected from SWIFT - the vast majority of foreign banks would refuse to process most payments related to Russia. The publication Politico reported that the issue would be considered.

Why could Russia be included in the penalty list?

Ukraine has been seeking to include Russia in the FATF blacklist since April 2022, but has not yet even achieved the inclusion of this issue for consideration. In February 2023, the FATF suspended Russia’s membership in the organization, but this was a bureaucratic decision that did not affect Russia’s status according to FATF standards.