FATF is always a 'long lead time' review process, and not proactive. Russia is/will do everything they can to go around sanctions, that is 'baked in' to their oligarchy, and their government (which are de facto one in the same).
Exactly. 100 percent on all counts. And frankly, the whole AML space is so volatile right now because of this war and the significant financial restrictions imposed on Russia. So yeah... there's really no reason not to blacklist them. FATF will look political? Yeah, so what?
FATF was set up by the G7 to combat money laundering and terrorist financing, THAT requires continual action, not multi-year reviews, one country at a time. Grrr... And of course they will be painted as political if they do anything...
Yeah. The mutual evaluations take a while, and at a time when the situation can change on a dime, a better system needs to happen. That’s where I agree with the first author.
FATF is always a 'long lead time' review process, and not proactive. Russia is/will do everything they can to go around sanctions, that is 'baked in' to their oligarchy, and their government (which are de facto one in the same).
Exactly. 100 percent on all counts. And frankly, the whole AML space is so volatile right now because of this war and the significant financial restrictions imposed on Russia. So yeah... there's really no reason not to blacklist them. FATF will look political? Yeah, so what?
FATF was set up by the G7 to combat money laundering and terrorist financing, THAT requires continual action, not multi-year reviews, one country at a time. Grrr... And of course they will be painted as political if they do anything...
Yeah. The mutual evaluations take a while, and at a time when the situation can change on a dime, a better system needs to happen. That’s where I agree with the first author.