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FATF membership of Russia
March 3 , 2023
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- The Financial Action Task Force has suspended Russia’s membership.
- But the Russian Federation must continue to meet its financial obligations.
- It also added Africa’s two largest economies, Nigeria and South Africa in the “grey-list”.
- Morocco and Cambodia were taken off the list after improving their controls.
- The Financial Action Task Force is an inter-governmental organisation, founded in 1989 on the initiative of the G7.
- It fights against money laundering and terrorism financing by setting global standards and checking if countries respect them.
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