The International Dirty Money Group (FATF) expressed concern about the impact of the Russian invasion of Ukraine on money laundering, terrorist financing and financing of the proliferation of weapons of mass destruction, as well as the integrity of the financial system, the economy as a whole and security, as stated in a statement by the organization. FATF expresses sorrow for Ukrainians killed in Russian attack.

“The FATF expresses its deep sorrow in connection with the loss of life due to the tragic events in Ukraine. The work of the FATF is based on the principles of international cooperation, dialogue and mutual respect between countries. In connection with the military intervention of the Russian Federation in Ukraine, the FATF, as the global standard-setting body in the field of combating money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction, expresses serious concern about the impact of the invasion on money laundering, the financing of terrorism and the financing of proliferation.

The organization said that the actions of the Russian government are contrary to the core principles of the group and constitute a gross violation of the obligation on which FATF ministers agree to implement and maintain the FATF Standards. “The International Dirty Money Group is reviewing Russia’s role in the FATF and will consider what further steps are needed to uphold these core values.. The FATF encourages competent authorities in all jurisdictions to provide advice and facilitate information sharing with their private sector on assessing and mitigating any identified emerging ML/TF/CPF risks, including in relation to virtual assets, as well as other threats to international security and protection from the region”,.

The FATF also noted that malicious cyber activity targeting financial institutions and systems undermines financial integrity and stability.. It may also jeopardize the ability of the private sector and competent authorities to implement and monitor key AML/CFT measures.. The group noted that such activities may impede access to financial services for legitimate users who need access to vital services..

“The FATF welcomes the progress made by Ukraine in combating the risks of money laundering noted in the mutual assessment report regarding corruption and theft of state assets, as well as the active steps taken by the judiciary to recover assets stolen by high-ranking officials of the former regime,” the statement said..

FATF expresses concern that Russian military intervention and other actions by the aggressor could hinder this important progress.

The FATF stressed the critical importance of ensuring that non-profit organizations (NPOs) and all other humanitarian organizations can provide vital humanitarian assistance needed in the region and elsewhere without delay, disruption or frustration.

“The FATF reminds all jurisdictions that the requirements of the FATF standards applicable to NPOs cannot be used to justify intimidation or suppression of legitimate humanitarian activities. The FATF notes that all jurisdictions should be vigilant about the possibility of risks arising from circumvention of measures taken to protect the international financial system from ML/TF/CPF risks as a result of Russian aggression against Ukraine,” the statement says..

The FATF assured that it will continue to closely monitor the situation.

The Organization will consider all options to promote the security, soundness and integrity of the global financial system and will respond as necessary to significant new and emerging threats and risks to the integrity of financial systems in accordance with the needs identified by the international community..

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Recall that on March 2, the shares of Russian companies depreciated to a minimum as a result of the sanctions imposed against Russia, but still remained unclaimed at exchange trading..