Increased awareness required following FATF statement on the Russian Federation

On 24 February 2023, one year after the invasion of Ukraine by the Russian Federation, FATF has decided to suspend Russia’s membership while emphasizing that the Russian Federation remains accountable to its obligation to implement the FATF standards and that it must continue to meet its financial obligations. Hence, Russia will remain an active member of the Eurasian Group on Combating Money Laundering (EAG). FATF will continue to monitor the situation and determine at each Plenary meeting whether the restrictions should be lifted or modified.

Jurisdictions are called upon to remain vigilant of threats to the financial system resulting from the ongoing conflict between Russia and Ukraine. Moreover, jurisdictions must be alert of possible emerging risks and take the necessary steps to mitigate these risks.

Consequently, FIU-Aruba advises and urges all designated financial and non-financial service providers to remain alert to red flags concerning transactions (i.e. financial transactions and services) in relation to the Russian Federation and to consider submitting a subjective unusual transaction report under indicator 130201 or 130202.

Additionally, FIU-Aruba reiterates the importance of conducting a ‘sanctions-check’ to determine whether transaction(s) must be reported objectively under indicator 130102 (see in particular: “Aanwijzing geconsolideerde lijst VNSC” and “Aanwijzing EU Sancties Bevriezingsmaatregelen”) and to determine whether national freezing measures are applicable.

Should there be any questions, please feel free to contact us.

Click on the following link to find the FATF statement on the Russian Federation: FATF Statement on the Russian Federation (fatf-gafi.org)