Egmont Group of Financial Intelligence Units suspends Russia's membership

Russia's membership in the Egmont Group of Financial Intelligence Units has been suspended. The group brings together intelligence units worldwide to cooperate and exchange information on money laundering, funding terrorism and other related crimes.

Source: Bloomberg

Quote: "The group brings together more than 160 intelligence units from around the world.

The suspension that was agreed upon on Wednesday means Russia’s access to that information will be restricted," the media company noted, citing its sources.

Details: The Egmont Group also contributes to implementing anti-money laundering policies developed by the Paris-based Financial Action Task Force (FATF), which sets global standards for combating dirty money, and by the UN Security Council and G20 finance ministers.

Russia was expelled from the FATF after it invaded Ukraine in February 2022.

As Bloomberg previously reported, the Kremlin has been vigorously lobbying to maintain its membership in the Egmont Group and block efforts to impose further sanctions on Russia within the FATF.

These efforts have included attempts to enlist China's support, warning friends such as India of the consequences of financial isolation on bilateral trade ties, and attempts to join a regional body to combat money laundering in Africa.

Later, the Egmont Group officially confirmed Russia's suspension.

"As an independent, apolitical organisation, the Egmont Group of Financial Intelligence Units (FIUs) emphasises the importance of international cooperation and developing synergies with international partners (including international organisations) to combat money laundering and the financing of terrorism.

The Egmont Group remains deeply concerned by the devastating effects of the current Russian military aggression against Ukraine," the statement reads.

"Trust is severely eroded due to Rosfinmonitoring’s (FIU of the Russian Federation) position regarding the actions and policies of its government, and the ways of communication it has chosen. To maintain the Egmont Group’s reputation in the global AML/CFT space, to ensure cohesion in the AML/CFT ecosystem, and to protect other Egmont Group interests and objectives, the Heads of FIUs of the Egmont Group agreed during its 18 October 2023 virtual meeting to: Suspend Rosfinmonitoring’s membership with the Egmont Group of FIUs, for as long as it is required to protect the interests of the Egmont Group and to ensure the achievability of its objectives," the group added.

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