Avellum has supported the action group led by Ukraine’s Ministry of Finance and the State Financial Monitoring Service in its efforts towards the adoption of restrictive measures against Russia by the Financial Action Task Force.
"In an unprecedented move, on February 24, 2023, the FATF, a global money laundering and terrorist financing watchdog, suspended the membership of the Russian Federation, urging all agents in the international financial system to increase caution and ensure compliance," Avellum informed.
"This step followed a series of previous more conservative measures taken by the FATF during its June and October 2022 plenaries, which significantly limited Russia’s role and influence within the FATF, by depriving it of the right to (1) hold any leadership or advisory roles, (2) take part in decision-making and peer-review processes, and (3) participate in the FATF project teams and meetings of the FATF-Style Regional Bodies," the firm reported.
According to Avellum, as a result of the FATF’s February decision, Russia can no longer attend the FATF meetings and access the FATF documents: "as such, it eliminates Russia’s influence over decision-making processes within the FATF and significantly decreases Russia’s role in the global financial system."
The Avellum team was led by Partner Vadim Medvedev and included Senior Associate Mariana Antonovych and Associates Kristina Mysenko and Oles Bidnoshyia.