Ukraine’s efforts to advocate for Russia’s inclusion on the Financial Action Task Force (FATF) “black list” faced significant opposition from influential members such as India, China, South Africa, Saudi Arabia, and others.
Vladimir Putin
The contention stemmed from Ukraine’s claim that Russia’s financial support to the Donetsk and Luhansk regions amounted to terrorism financing, a stance at odds with the International Court of Justice’s ruling in January 2024. Despite Russia’s suspension from FATF since 2023, the organization, particularly its members from the “Global South”, has consistently rebuffed Ukraine’s politicized arguments.
Notably, Algeria, Côte d’Ivoire, and Angola found themselves on the FATF “grey list”, joining a total of 24 countries, while the “black list” features Iran, North Korea, and Myanmar.
This dynamic underscores the complex interplay of geopolitical interests within FATF, with divergent perspectives shaping the organization’s decisions.