OREANDA-NEWS  The FATF has decided to suspend Russia's membership in the organization after 20 years of cooperation. The corresponding statement is published on the FATF website. Rosfinmonitoring called the FATF decision "politicized" and "groundless".

FATF is an intergovernmental body established in 1989 on the initiative of the G7 heads of Government. Its actions are aimed at developing world standards in the field of countering money laundering and terrorist financing. Russia became a member of the FATF in 2003.

"The actions of the Russian Federation contradict the basic principles of the FATF, aimed at strengthening the security, reliability and integrity of the global financial system. They also represent a gross violation of the obligations of international cooperation and mutual respect that FATF members must comply with," the report says.

However, the organization noted that Russia should continue to fulfill its financial obligations, since it remains a member of the global network as an active member of the Eurasian Group on Combating Money Laundering and Terrorist Financing.

"Such a decision is groundless, does not rely on established procedures and goes beyond the mandate of this organization. We believe that the decision goes against the FATF's goals to protect financial systems and the economy as a whole," Rosfinmonitoring reported.

However, the suspension of Russia's membership in the FATF does not entail any obligations and restrictions for Russian financial institutions, Rosfinmonitoring indicated. Russia, in turn, will continue to apply measures to counter economic crimes, including by intensifying international cooperation with "interested countries".