Russia Might Soon Join Iran and North Korea on Global Money Laundering Blacklist

The Financial Action Task Force (FATF), global organization responsible for fighting money laundering and terrorism financing, is set to decide next week whether to add Russia to its blacklist, reported POLITICO citing a confidential document on October 15.

The Paris-based FATF regularly reviews nations for their commitment to preventing money laundering, financing of terrorism, and proliferation of nuclear, chemical, or biological weapons. Placement on FATF’s black or gray lists can significantly damage a country’s financial standing, often with severe economic consequences.

Russia’s membership in FATF was suspended in February 2023, a year after its invasion of Ukraine, but its ranking has not yet been lowered. Ukraine, however, is intensifying its campaign to change this.

Despite publicly condemning Russia’s actions as contrary to its core principles, FATF has yet to reach a consensus on downgrading Russia’s status.

The decision will be discussed in a meeting of FATF’s internal review body on October 22.

If Ukraine’s efforts succeed, Russia will join high-risk countries like Iran, North Korea, and Myanmar on the blacklist.

The dossier submitted by Ukraine highlights Russia’s financial and military cooperation with nations like North Korea and Iran, as well as its funding of private militias like the Wagner Group.

The report also highlights Russia’s utilization of platforms like Telegram and cryptocurrencies to facilitate activities related to terrorist financing and money laundering, including transactions linked to goods stolen from Ukraine.

Previously, it was revealed that Russia has intensified its focus on a war-driven economy, significantly increasing its military budget by $29 billion for 2025. This expansion reflects a broader commitment to sustaining defense spending, with no plans to scale back before 2027.