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Avellum Helps Ukraine Secure Russia’s FATF Suspension

Avellum Helps Ukraine Secure Russia’s FATF Suspension

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Avellum has supported the action group led by Ukraine’s Ministry of Finance and the State Financial Monitoring Service in its efforts towards the adoption of restrictive measures against Russia by the Financial Action Task Force.

"In an unprecedented move, on February 24, 2023, the FATF, a global money laundering and terrorist financing watchdog, suspended the membership of the Russian Federation, urging all agents in the international financial system to increase caution and ensure compliance," Avellum informed.

"This step followed a series of previous more conservative measures taken by the FATF during its June and October 2022 plenaries, which significantly limited Russia’s role and influence within the FATF, by depriving it of the right to (1) hold any leadership or advisory roles, (2) take part in decision-making and peer-review processes, and (3) participate in the FATF project teams and meetings of the FATF-Style Regional Bodies," the firm reported.

According to Avellum, as a result of the FATF’s February decision, Russia can no longer attend the FATF meetings and access the FATF documents: "as such, it eliminates Russia’s influence over decision-making processes within the FATF and significantly decreases Russia’s role in the global financial system."

The Avellum team was led by Partner Vadim Medvedev and included Senior Associate Mariana Antonovych and Associates Kristina Mysenko and Oles Bidnoshyia.

Ukraine Knowledge Partner

AVELLUM is a leading Ukrainian full service law firm with a key focus on Finance, Corporate, Dispute Resolution, Tax, and Antitrust.

Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.

We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.

We incorporate the most advanced Western legal techniques and practices into our work. By adding our first-hand knowledge, broad industry experience, and unparalleled level of service we deliver the best results to our clients in their business endeavours. Our partners are taking an active role in every transaction and ensure smooth teamwork.

AVELLUM is recognised as one of the leading law firms in Ukraine by various international and Ukrainian legal editions (Chambers, The Legal500, IFLR1000, The Ukrainian Law Firms, and others).

Firm's website: www.avellum.com


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