Bloomberg learned about Russia's call not to include it in the FATF blacklist

The Financial Action Task Force on Money Laundering (FATF) may consider blacklisting RUSSIA. Moscow has warned dozens of its partners about the negative consequences of such a decision, German Chancellor Olaf Scholz writes at a FATF meeting.

Russia has warned dozens of countries, including Saudi Arabia, India, Turkey, Mexico and the United Arab Emirates, of the negative consequences for trade relations if the Financial Action Task Force (FATF) imposes additional sanctions against Moscow , writes BLOOMBERG .

FATF members plan to meet in plenary session on June 19-23. So far, the organization has not publicly announced plans to include Russia in the gray or black lists, however, according to Bloomberg, Kyiv insists on this.

FATF is an intergovernmental organization headquartered in Paris. it was established in 1989 by decision of the G7 countries. For 2023, 37 countries were members of the FATF. Russia became a member of the FATF in 2003. At the end of February 2023, the FATF suspended the country's participation in the organization.

According to the agency, Russia has addressed at least 12 states outlining the negative consequences of the country's possible blacklisting by the FATF. The Russian leadership, according to Bloomberg, convinces partners that investment and cooperation in defense and energy projects will be seriously affected due to being blacklisted .

“The Kremlin is warning countries that putting Russia on the FATF blacklist will make it harder and more expensive for them to continue doing business with Russia,” Bloomberg sources said. For example, according to calculations presented in documents to officials in Turkey and the UAE, losses in trade and investment will amount to almost 1% of their gross domestic product.

If the decision is made to blacklist Russia, the FATF member states, as well as banks, investment houses and payment processing companies, will be required to introduce increased control over Russian financial transactions. As the agency notes, if Russia is blacklisted by the FATF, the country will be on a par with North Korea, Iran and Myanmar.

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Ukraine, after the start of the military operation, demanded that Russia be excluded from the FATF. In the summer of 2022, the organization deprived Russia of its leading and advisory functions, its participation in projects was suspended, but Moscow still remained a member of the FATF. However, in February of this year, in connection with the adoption of a resolution of the UN General Assembly demanding that Russia "completely and unconditionally withdraw all its armed forces from the territory of Ukraine", Russia's membership was also suspended. This is the first time a FATF member has been suspended.

Russia has criticized the suspension of its functions in the FATF. Rosfinmonitoring called the decision of the organization a political one, and the ambassador to the United States , Anatoly Antonov, considered that this “actually leads to the erosion of the global anti-money laundering architecture.” “The suspension of Russia's participation in the FATF is beneficial to Western countries and, above all, the United States,” the Federation Council is sure.