FATF has recently downgraded Russia’s compliances. The downgrading was caused by FATF claiming that Russia had low regulation of virtual assets and digital assets as well. All these FATF ratings were recently confirmed during a meeting that was held on the 23rd of Feb 2024 as reported by Vedomosti.

The Deputy Head of the domestic Anti-money laundering regulator Rosfinmonitoring, Neglyad stated that the Finance of Terrorism (EAG) working together with the  Eurasian Group of combating Money Laundering recently conducted an analysis that resulted in the downgrading. 

As per what Neglyad stated EAG is a trusted source because it’s a  FATF affiliate and its works have been fully examined and approved by the international body.

However, there is a need for Russia to kindly regulate the flow of cryptocurrency and Crypto exchanges to be monitored keenly. The country received the highest rating for compliance from the FATF after passing the entire audit. Nevertheless, Russia’s assessment was downgraded from “compliant” to “partially compliant.” Still not good enough for FATF.

The minister is now working towards achieving one thing, incorporating the growing crypto market within the tax system, thus trying to make it centralized. Crypto payment methods have completely been banned in Russia though no further regulation has yet succeeded in the region.

Also Read: U.S. Authorities Make Historic $922 Million Bitcoin Move as Prices Soar