FATF suspends Russia and grey-lists Africa’s largest economies
South African president pledges rapid reform as Yellen hails action against Russia
The Financial Action Task Force has suspended Russia’s membership, and “grey-listed” Africa’s two largest economies, Nigeria and South Africa, it announced on February 24.
This is the first time that the international anti-money laundering organisation has suspended any member since it was established in 1989. The FATF’s members voted for the move at its plenary session, which came on the first anniversary of Russia’s invasion of Ukraine.
The task force said the invasion violates “the FATF
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