Terror financing watchdog suspends Russia's membership

A global watchdog on terror financing and money laundering today suspended Russia's membership for its "illegal, unprovoked and unjustified" full-scale military invasion of Ukraine while retaining Myanmar, Iran, and North Korea on its "black list".

In a statement, issued after the second plenary of the Financial Action Task Force (FATF) in Paris under the presidency of T Raja Kumar of Singapore, the Financial Action Task Force also said the United Arab Emirates (UAE), Turkey, Jordan, South Africa, and 20 other countries would remain on its "grey list" and they will be under enhanced monitoring.

Pakistan was removed from the FATF "grey list" in October last year, reports our New Delhi correspondent.

The statement said Russia's actions "unacceptably run" counter to FATF's core principles that aims to promote security, safety, and integrity of the global financial system, it said.

"One year after Russian's illegal, unprovoked and unjustified full-scale military invasion of Ukraine, FATF reiterates its deepest sympathies for the people of Ukraine and continues to deplore the huge loss of lives and malicious destruction caused by Russia's ongoing "brutal attack" on Ukraine," said the statement.

In continuing to put Myanmar along with Iran and North Korea on the 'black list,' the FATF termed the three countries as "high-risk jurisdictions".