The EU has finally blacklisted Russia for money laundering, tightening financial controls – Politico

The European Union is adding Russia to its blacklist of countries at high risk of money laundering and terrorist financing. This decision will oblige EU financial institutions to strengthen due diligence on all transactions related to Moscow, forcing banks to further reduce risks. This is reported by Politico, writes UNN.

Details

Politico, citing two officials and an internal document, reports that this move by the EU comes against the backdrop of the global watchdog FATF previously not blacklisting Russia, despite the full-scale invasion of Ukraine. The FATF’s decision was hampered by resistance from the BRICS group countries (Brazil, India, China, South Africa).

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EU lawmakers have repeatedly called on the Commission to take this step, despite the fact that the assessment is complicated by the lack of information exchange with Moscow.

The blacklisting comes in parallel with attempts by the EU executive to resolve Belgium’s resistance to using proceeds from frozen Russian assets to finance Ukraine. Although the EU already has broad sanctions against Russia, the new status will require banks that have not yet done so to take tougher measures.

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