The Financial Action Task Force (FATF) is an intergovernmental organization that sets global standards for combating money laundering and terrorist financing. Ukraine is currently advocating for Russia’s inclusion on the FATF blacklist, citing the country’s ongoing aggression and financial misconduct. At the FATF meeting on Oct. 22, 2024, blacklisting Russia is on the topic.
Ukraine’s Argument
Ukraine contends that Russia’s actions warrant its placement on the FATF blacklist for several reasons:
- Violation of International Norms: Russia’s invasion of Ukraine and its subsequent actions are seen as clear violations of international law and FATF principles
- Financial Misconduct: Ukraine argues that Russia has engaged in widespread financial crimes, including money laundering and terrorist financing, to support its war efforts.
- Undermining Global Financial Integrity: Russia’s actions are viewed as a threat to the stability and integrity of the international financial system.
Pressure Tactics
Ukraine is employing various strategies to push for Russia’s blacklisting:
- Diplomatic Outreach: Ukraine is likely engaging in extensive diplomatic efforts with other FATF member countries to garner support for its position.
- Evidence Presentation: Ukrainian officials are presumably compiling and presenting evidence of Russia’s financial misconduct to the FATF.
- Public Advocacy: By publishing articles in international media, Ukraine is attempting to sway public opinion and increase pressure on the FATF.
- Highlighting Precedent: Ukraine may be pointing to previous FATF actions against other countries as justification for blacklisting Russia.
Potential Impact
If successful, Ukraine’s efforts could lead to increased international scrutiny of Russian financial transactions, potential economic sanctions against Russia, and greater difficulty for Russia in accessing global financial markets.