The Financial Action Taskforce (FATF), the international anti-money laundering watchdog, suspended Russia’s membership with immediate effect on Friday (24 February) due to the country’s attack on the “security, safety and integrity of the global financial system”. FATF, which is hosted by the Organisation of Economic Cooperation and Development (OECD) in Paris, leads global action against money laundering as well as terrorism and proliferation financing. “The Russian Federation has an in-depth understanding of its money laundering and terrorist financing risks and has established policies and laws to address these risks, but it should […] prioritise the investigation and prosecution of complex money laundering cases, especially concerning money being laundered abroad,” the report reads