The FATF on Friday suspended Russia's membership for its "illegal, unprovoked and unjustified" full-scale military invasion of Ukraine, an official statement said. 

Russia's actions were "unacceptably run" counter to FATF's core principles that aims to promote security, safety, and integrity of the global financial system, it said.

The FATF sets standards for more than 200 countries and jurisdictions and seeks to help authorities tackle serious crime including drug smuggling, human trafficking and terrorism. Ukraine over the past year made repeated calls to the group to exclude Russia altogether.

But while Russia has now been suspended, it remains a member.

"The Russian Federation remains accountable for its obligation to implement the FATF Standards. The Russian Federation must continue to meet its financial obligations," the FATF said.

One year after Russian's illegal, unprovoked and unjustified full-scale military invasion of Ukraine, FATF reiterates its deepest sympathies for the people of Ukraine and continues to deplore the huge loss of lives and malicious destruction caused by Russia's ongoing "brutal attack" on Ukraine, said the statement issued after the FATF plenary held in Paris.

"Strongly condemning" its "war of aggression" against Ukraine, the FATF said over the past year, Russia has "intensified its inhumane and brutal attacks" targeting critical public infrastructure, the statement said.

It added that it would review the situation at each of its plenary meetings.

Following a five-day meeting in Paris, FATF added Nigeria and South Africa to its list of countries subject to increased monitoring, and removed Cambodia and Morocco from the category.

Russia has been expelled from the Council of Europe and suspended from the UN Human Rights Council, but is still a member of many international organisations.

Image source: Reuters