EU leaves Russia off money laundering blacklist
Russia is not included in the European Commission’s (EC) updated list of high-risk jurisdictions with strategic deficiencies in their national anti-money laundering and countering the financing of terrorism (AML/CFT) regimes, according to its June 10 press release.
The list considers the work of the Financial Action Task Force (FATF), particularly its list of "Jurisdictions under Increased Monitoring."
Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela were added to the list, while Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates were delisted.
Following the FATF's failure to blacklist Moscow last year due to opposition from the BRICS alliance, a number of European lawmakers urged the EU executive to include Russia on the list. Last week, Czech European People’s Party MP Luděk Niedermayer called on the EC to "seriously consider" blacklisting Russia.
Founded in 1989 on the initiative of the G7, the FATF is an intergovernmental organization of 39 countries, including Russia, that develops policies to combat money laundering and maintain certain interests. In 2001, its mandate expanded to include combating the financing of terrorism.
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