Russia’s levels of compliance have been downgraded by the FATF. Russia had no control over virtual and digital assets, according to the FATF, which led to the downgrade. As per Vedomosti‘s source, the FATF certified all of these grades recently, on February 23, 2024.
According to Neglyad, EAG is a reliable source because it is a FATF associate, and its work has been thoroughly vetted and certified by the international agency.
Neglyad, Deputy Head of the domestic anti-money laundering regulator Rosfinmonitoring, noted that the Finance of Terrorism (EAG), in collaboration with the Eurasian Group Combating Money Laundering, recently performed a study that resulted in the downgrade.
However, Russia should restrict the movement of bitcoin and closely monitor cryptocurrencycurrency exchanges. The country obtained the highest compliance rating from the FATF after passing the complete audit. Nevertheless, Russia’s evaluation was reduced from “compliant” to “partially compliant.” Still not good enough for the FATF.
The minister is now working toward one goal: bringing the booming cryptocurrencycurrency market into the tax system, thereby centralizing it. Crypto payment methods have been fully banned in Russia, although no additional legislation has occurred in the region.
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