Global financial intelligence organisation suspends Russia’s membership

The Egmont Group of Financial Intelligence Units (FIUs) has decided to suspend the membership of Rosfinmonitoring, a Russian financial watchdog, in response to the current Russian military aggression against Ukraine, it said in a statement.

The Egmont Group brings together more than 160 financial intelligence units from around the world, including the Ukrainian state financial monitoring service, to improve cooperation in combating money laundering and terrorist financing.

The name of the group comes from the Egmont Palace, sometimes known as the Arenberg Palace, in Brussels, where it was established in 1995.

Last December, Russia was banned from holding leadership, advisory, or representative positions in the Egmont Group, and Rosfinmonitoring was banned from taking part in its meetings and projects.

In a statement, the Egmont Group said that "trust is the key foundation for any cooperation", and it is "severely eroded" due to Rosfinmonitoring’s position regarding the actions and policies of its government, "and the ways of communication it has chosen".

It therefore decided 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".

In February, the International Financial Action Task Force (FATF) also suspended Russia’s membership.