PARIS: The Financial Action Task Force (FATF), a global organisation that monitors money laundering, said on Friday that it had banned Russia's membership due to Moscow's invasion of Ukraine.
The FATF creates guidelines for more than 200 nations and regions and aims to assist law enforcement in combating severe crimes like drug trafficking, human trafficking, and terrorism.
According to the FATF, which aims to promote security, safety, and the integrity of the international financial system, the Russian Federation's actions "unacceptably run opposite to those goals."
It further said that Russia was still responsible for applying the FATF rules.
During a five-day conference in Paris, the FATF withdrew Cambodia and Morocco off its list of nations requiring greater surveillance and added Nigeria and South Africa.
Russia is remains a member of several international organisations despite being kicked out of the Council of Europe and suspended from the UN Human Rights Council.
57.833 SRY