Ukraine suffered a loss in its efforts to find Russia included in the Financial Action Task Force ( FATF )’ list’ after the walk found no assistance among many key countries, including India, China, Saudi Arabia, and South Africa.
This was Ukraine’s next try to find Russia included in the list.
Addition on the FATF list indicates major deficits in a nation’s techniques to combat money laundering and terrorism financing. It can lead to financial sanctions, limited access to international fund, increased scrutiny, social damage, and political pressure.
Brazil was one of the nations that rejected a proposal put forth by Ukraine earlier this year, according to two resources with knowledge of the matter who spoke to Reuters on Friday.
Another resource added that it took time to gather more information after Ukraine’s advice to outlaw Russia was delayed.
The FATF, whose part says include big economies such as the United States, Britain, France, and Germany, refrained from commenting, stating that it would provide an upgrade on its “grey” and “blacklisted” countries following the conclusion of its full conversations on the day.
Ukraine’s government has argued that Russia poses a risk to the global economic system, citing its close relationships to another “blacklist” places such as Iran and North Korea, among other claims.
The Ukrainian government has also referred to the various sanctions that Western governments have put in place against Russia in response to Ukraine’s invasion in 2022.
Last year, the FATF suspended Russia’s membership, stating that Moscow’s war in Ukraine violated the organisation’s principles.
Earlier in the day, the FATF, a global financial crime watchdog also announced that it has removed Senegal from its list of countries under increased scrutiny, while adding Algeria, Angola, Ivory Coast, and Lebanon.
Senegal had made significant progress in putting in place measures to stop “terrorism financing” and money laundering, according to the watchdog in a statement.
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