Geneva: Russia has been banned from participating in future projects of global terror financing and money laundering watchdog Financial Action Task Force (FATF). Addressing a press conference in Paris on Friday (October 21), FATF Chairman T Raja Kumar has said that this step has been taken in view of Russia's invasion of Ukraine. At the same time, FATF has given great relief by excluding Pakistan from the grey list.

FATF President T Raja Kumar has said that Russia's actions have been in violation of the basic principles of FATF, which is aimed at promoting the security and integrity of financial systems. He has said that as a result of Russia's consistent actions, the FATF has decided to impose additional sanctions on Russia's role, barring them from participating in current and future FATF projects.

Kumar further said that Russia has also been barred from participating in meetings of FATF-style regional bodies. He has said the measures expand on actions taken by the FATF in June, which stripped Russia of all its leadership roles, among other sanctions. He said the FATF will continue to monitor the situation and consider in every meeting whether grounds exist to lift or alter these restrictions.

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