FATF publishes statement on Ukraine

Article summary

The Financial Action Task Force (FATF) has published a statement on the situation in Ukraine following the conclusion of its 2-4 March 2022 plenary. FATF has said that 'members discussed the tragic developments and the loss of life in Ukraine and issued a statement that expresses FATF’s grave concern about the invasion’s impact on the money laundering, terrorist financing and proliferation financing risk environment as well as the integrity of the financial system, the broader economy and safety and security'. FATF has further approved key work that will prepare for the next round of mutual evaluations and finalised an update to Recommendation 24, as well as agreeing to begin work on enhancing asset recovery by strengthening collaboration between the FATF/FSRBs and the Asset Recovery Networks.