Why blacklisting Russia at the Financial Action Task Force is critical now

The upcoming FATF plenary meeting is of great importance in shaping global efforts to protect the integrity of the international financial system in view of the growing threats from Russia. Weak regulatory frameworks and inadequate response mechanisms provide a favorable environment for illicit financial flows. Reports have repeatedly highlighted the involvement of Russian entities in sophisticated money laundering schemes.
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But today, the financial system is flooded with illicit money flows of Russian origin more than ever, as the Kremlin needs resources for its criminal activities — financing terrorism, purchasing weapons and components to circumvent all sanctions restrictions and export controls.
That is why we are convinced that expelling Russia from the FATF and blacklisting it will not only protect the global financial system from the risks posed by Russia, but will also significantly strengthen the sanctions regime of the "coalition". This step will complicate Russia's attempts to purchase high-tech components for weapons production through intermediaries for Russian companies. It will require financial institutions to apply enhanced control protocols for transactions that may have links to Russia.