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In a related development, they said in a FATF statement, "Russia's invasion of Ukraine and continued attacks are unacceptable in violation of the FATF's core principles aimed at promoting security, security and integrity of the global financial system."

"In view of the above, the FATF has decided to suspend its membership in the Russian Federation."

In a statement, the Financial Supervisory Service also said, "Russia's invasion means a serious violation of the commitment to cooperation forming the FATF standard, a rule that all member states must agree to implement on the terms of their membership."

Regarding Russia's suspension, FATF President Raja Kumar said, "This is the first time that a FATF member state has been suspended. Russia is effectively excluded from this organization."

Ukraine supports this decision:

Finally, Ukraine's continued efforts to expel Russia from the FATF succeeded and officials supported the FATF's decision.

However, they pointed out that while this is a step in the right direction, it is not enough and that Ukraine will continue to fight for Russia to be blacklisted by the organization.

In a related development, Ukraine's finance minister Serhiy Marchenco said, "It's not enough, but it's an important step in the right direction."

Russian Ambassador to the U.S. Anatoly Antonov condemned the decision as a "dangerous step" and said it would undermine global efforts to combat money laundering, terrorist financing and the proliferation of WMD

Russia will remain part of the Eurasian Money Laundering Group:

Although Russia has been expelled from the FATF, the country will remain part of the Eurasian Money Laundering Group (EAG) and is expected to fulfill its financial obligations.

The two decisions concerning Russia came after the second FATF plenary session in Paris, chaired by Singapore's T. Raja Kumar.

In this regard, the FATF said, "We will continue to monitor the situation and consider whether these restrictions should be maintained at each plenary session."

Gibraltar remains on the list:

However, the financial watchdog FATF also confirmed that Gibraltar will stay on the gray list this time.

The FATF added a major international online gambling center as a surveillance-enhanced area after a plenary session of the watchdog committee in June, and decided to exclude Malta from the surveillance list at the same meeting.

"Gibraltar's status as a gambling venue is specifically aimed at local governments' failure to apply sufficient fines for money laundering failures," the FATF said, referring to the decision involving Gibraltar

The FATF report also noted Gibraltar's high-level political will to work with monitors and improve its money laundering and counterterrorism financing regime.

But the FATF backed Gibraltar's commitment in this area, meaning that lawyers, service providers and game companies are now using a number of effective sanctions to combat money laundering and terrorist financing.

In short, this means more enforcement action, fines, and general knowledge of specific cases.

In this regard, the FATF added, "Gibraltar should continue to work on implementing its action plan to address strategic deficiencies, including showing that it can pursue final confiscation judgments commensurate with Gibraltar's risk and context."