The Egmont financial intelligence group suspended the membership of Rosfinmonitoring

The Egmont group of financial intelligence units of the world has suspended Rosfinmonitoring’s membership in the association, should from the organization’s press release.

Egmont emphasized that they are concerned about the consequences of the conflict in Ukraine, and trust in Rosfinmonitoring has been undermined due to the agency’s position regarding the policy of its government.

“To maintain Egmont’s reputation in the global AML/CFT (anti-money laundering and anti-terrorist financing) space, ensure consistency in the AML/CFT ecosystem and protect other interests and goals of Egmont, the management agreed <...> to suspend Rosfinmonitoring’s membership in the group for the period necessary to protect the interests of the group,” the message says.

Egmont includes financial intelligence units from 166 jurisdictions. Rosfinmonitoring joined the group in June 2002. In December 2022, Egmont had already introduced a number of restrictions against Rosfinmonitoring in connection with a special operation in Ukraine.

February 24, 2023 Financial Action Task Force (FATF) suspended Russia’s membership allegedly because the country’s actions contradict the principles of the organization. Rosfinmonitoring called this decision politicized, adding that it does not entail any obligations or restrictions for financial institutions in Russia and abroad. In June, the FATF did not include Russia on the black or gray lists.

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