The FATF (Financial Action Task Force) plenary session, which ended in Berlin on Friday, decided to seriously limit the role and influence of the Russian Federation in this international organization.

As noted in the statement published on the FATF website, it recognizes the role that the Russian Federation has played in the development of this organization in the Eurasian region since the Russian Federation joined the FATF in 2003.

However, according to FATF, Russia's actions in Ukraine contradict its basic principles aimed at ensuring the security and integrity of the global financial system, so it was decided to limit its role and influence.

In particular, the Russian Federation can no longer perform any leadership or advisory functions or take part in decision-making on issues of setting standards, FATF peer review processes, governance and membership.

The Russian Federation also can no longer provide evaluators, reviewers or other experts for FATF peer review processes.

FATF intends to monitor the situation and consider at each of its plenary meetings whether there are grounds for lifting or changing the restrictions imposed.

FATF is an intergovernmental organization that develops international standards in the field of countering money laundering and terrorist financing (AML/CFT), and also evaluates the compliance of national AML/CFT systems with these standards.