FinCEN Alerts Industry About Russia's Removal From FATF
The Financial Action Task Force officially suspended Russia's membership, the Treasury Department’s Financial Crimes Enforcement Network told U.S. banks this month. The FATF -- which establishes international standards for financial institutions to combat terrorist financing, money laundering and weapons proliferation -- noted Russia’s “actions unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system,” FinCEN said.
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
The task force also urged members to “be alert to possible emerging risks from the circumvention of measures taken in order to protect the international financial system and take the necessary measures to mitigate these risks.” FinCEN and the Commerce Department in June published an alert to provide banks guidance about the types of red flags they should be monitoring for Russian sanctions and export control evasion tactics (see 2210060043 and 2207130014).