Ukraine praises financial watchdog's decision on Russia, but says it 'falls short'

By Gokhan Ergocun and Sahika Olgun

ISTANBUL (AA) - Ukraine praised a decision by the Financial Action Task Force (FATF) in light of substantial evidence of Russian violations, but found it "falls short" of giving the necessary response, Ukraine’s Finance Minister Sergii Marchenko said on Monday.

In Singapore last week, the financial watchdog decided to continue the suspension of the Russian Federation, reiterating that all jurisdictions should be wary of Russia, but did not blacklist the country.

Igor Cherkaskyi, head of the Ukrainian State Financial Supervision Service, said: "Ukraine continues to actively contribute to the FATF plenary sessions, and our contact with delegations is intensifying. The work will be continued.

“Russia, as a suspended member of the FATF, should not evade responsibility for its actions under the FATF mandate. Our team is working on further measures, and I thank all colleagues at the national and international levels who support these efforts."

The FATF also warned all countries of North Korea's growing financial ties to the international financial system and emphasized the need to end all forms of correspondent relations with the country's lenders.

Russia and North Korea last month signed a pact on defense cooperation.