The Financial Action Task Force (FATF) at its plenary meeting on Friday decided to suspend Russia's membership.

"The Russian Federation’s actions unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system. They also represent a gross violation of the commitment to international cooperation and mutual respect upon which FATF Members have agreed to implement and support the FATF Standards. Considering the above, the FATF has decided to suspend the membership of the Russian Federation," the FATF said on its website on Friday.

In the report, the Russian invasion of Ukraine is called illegal, unprovoked and unjustified. The FATF reiterates its deepest sympathies for the people of Ukraine and continues to deplore the huge loss of lives and malicious destruction.

"The FATF reiterates that all jurisdictions should 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," the FATF said.

Delegates from more than 200 jurisdictions of the Global Network took part in the meeting at the FATF headquarters in Paris.