Ukraine awaiting FATF's decision on blacklisting Russia - NBU governor

On the anniversary of Russia’s full-scale invasion, the Financial Action Task Force, FATF, is holding a plenary meeting. Therefore, today Ukraine is waiting for the historic decision of the member states on expelling Russia from the organization and putting it on the "black list."

That’s according to the National Bank Governor, Andriy Pyshnyi, Ukrinform reports.

“Today, Ukraine is waiting for the historic decision of the FATF member states – the expulsion of the Russian Federation from the number of member states and its inclusion in the ‘black list.’ Once again on the eve of February 24, I turned to FATF President Raja Kumar and appeal to legal arguments in favor of such a decision. There are plenty of arguments,” Pyshnyi wrote.

Among the arguments in favor of the move, the head of the NBU mentioned the fact that the Russian Federation and its partner Iran, a country already on the "black list," have merged their interbank systems to create channels for bypassing international sanctions. Thanks to this, money from the "black list" country gets into the global financial system without hindrance.

He also mentioned the supply of arms and ammunition to Russia from North Korea, "cooperation" with which supports Moscow’s ability to wage war against Ukraine, including the continued use of Wagner Group mercenaries. After all, Wagner’s operations in combination with threats voiced by its leadership fall under the criteria of “terrorist activity,” which requires a decisive and immediate reaction.

"I am sure that FATF members, as responsible members of the international community, are able to support the strong Ukrainian people in the fight against the aggressor, pass these long-overdue decisions, and protect the international financial system from the terrorist state," the head of the National Bank said.

As reported, Minister of Finance Serhiy Marchenko reaffirmed Ukraine's position on the need to expel Russia from the list of countries - members of Financial Action Task Force, FATF.

FATF is an intergovernmental organization that sets global standards in combating money laundering and terrorist financing. It also assesses compliance with these standards of national anti-money laundering systems. The institution, headquartered in Paris, was founded in 1989. FATF holds plenary meetings three times a year. The first meeting in 2023 lasts from February 20 to 24.