The Egmont Group of Financial Intelligence Units (FIUs) has suspended Russia’s FIU, Rosfinmonitoring, from its membership due to Russia’s invasion of Ukraine. This action comes after previous measures by the Egmont Group to remove Rosfinmonitoring from key leadership positions and restrict its participation in meetings. The decision to suspend Russia’s membership has been praised by the United States. In a statement, Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson commended the Egmont Group’s decision, emphasizing that Russia’s actions are contrary to international cooperation and the rule of law.
The Egmont Group aims to enhance communication, information sharing, and training coordination among its member FIUs. Its primary objective is to provide a platform for FIUs to strengthen their governments’ efforts in combating money laundering, terrorist financing, and other financial crimes. The group assists its members by facilitating the exchange of financial intelligence and information, improving the capabilities of personnel, and enabling secure communication. Furthermore, the Egmont Group supports various global initiatives related to anti-money laundering and countering the financing of terrorism, including the United Nations Security Council, the Financial Action Task Force, and the G20 Finance Ministers.
The suspension of Rosfinmonitoring’s membership highlights the Egmont Group’s commitment to maintaining the integrity and effectiveness of international cooperation in the fight against illicit finance. This decision signals the group’s determination to address countries that disregard sovereignty and engage in activities that undermine the rule of law. By taking this action, the Egmont Group reinforces the importance of upholding international standards and demonstrates its dedication to combatting money laundering and terrorist financing on a global scale.
