Ukraine has reacted with fury over a decision by the world’s anti-money laundering watchdog, the Financial Action Task Force (FATF), to keep Russia off its “blacklist” of countries with the worst financial crime issues, Politico reported.

According to Politico, Vladyslav Vlasiuk, adviser to the Office of the President of Ukraine and presidential commissioner for sanctions policy stated,

“Russia has displayed both the capacity and intent to engage in activities harmful to FATF member states and the FATF’s mission,” he said, adding it is “disappointing” that several countries, including China, India, Saudi Arabia, and South Africa, voted against including Russia on the blacklist in an October 25 vote.

FATF sets global standards for anti-money laundering and terrorist financing. Blacklisting a country requires financial institutions doing business with that state to conduct greater due diligence on the original sender and beneficiary of any payment.

“FATF member states again failed to recognize the threat that Russia poses to global security and the global financial system, demonstrated by its malicious cyberattacks, economic warfare and destabilizing activities worldwide and in FATF member states,” Vlasiuk said in a statement.

Politico says Nicki Kenyon, working at the Institute for Financial Integrity in Washington, DC, criticized Russia’s exclusion from the FATF blacklist, arguing it undermines efforts to safeguard the global financial system, given significant evidence of Russia’s destabilizing activities.

Related:

• Reuters: EU plans stricter Russian sanctions enforcement amid Trump comeback concerns
• Zelenskyy compares Russian economy to sinking Titanic
• Politico: EU eyes new Russia sanctions push as Hungary’s presidency nears end
• Ukraine calls on FATF to impose stronger measures on Russia amid escalating threats to global financial system
• FATF faces criticism from Ukraine for delay in implementing measures against Russia’s financial threats
• Media: Investigation uncovers Russia’s potential sanctions evasion through transit manipulation