Ukraine's Unsuccessful Bid Against Russia at FATF

Ukraine's attempt to have Russia listed among countries with weak money laundering compliance was rejected by nations such as China, India, and Brazil. The financial crime watchdog FATF postponed the proposal for further evidence as the Ukrainian government argues Russia's risky financial ties threaten global stability.

Ukraine's efforts to have Russia designated as a nation with inadequate money laundering compliance have been stymied once more, as nations including China, India, Saudi Arabia, and South Africa opposed the move, according to three Reuters sources.

Insiders familiar with the talks held at the FATF in Paris revealed Brazil also joined the opposition. The proposal to isolate Russia was postponed for further evidence. The FATF, representing major economies like the U.S. and the UK, declined to comment but promised an update post-plenary discussions.

The Ukrainian government contends that Russia, already sanctioned for its 2022 Ukrainian invasion, endangers the international financial system due to links with other 'blacklist' countries, Iran and North Korea. Last year, the FATF suspended Russia's membership, citing a breach of organizational principles.

(With inputs from agencies.)