Potential Inclusion of Russia in FATF's Blacklist Possible
Russian financial consultant Alya Shamilova has warned of potential consequences for citizens if Russia is included in the 'black' list of the Financial Action Task Force (FATF), as reported by Forbes Russia. Currently, Russia is not on the 'gray' or 'black' lists of FATF. However, the European Commission is expected to make a decision by the end of the year on whether Russia will be added to the 'black' list. If Russia is added to the list, a number of significant changes could occur for Russian citizens, both within and outside of Russia. One of the main areas affected would be banking. According to Shamilova, the reality today already resembles the consequences of a 'black' list for Russian citizens communicating with banks. If the list is confirmed, almost all banks are likely to ask clients to withdraw assets and close accounts. Work with Swiss and other European banks could cease completely. The inclusion in the high-risk countries list for the EU could also affect trade, logistics, transfers, payments, and client onboarding procedures for Russian citizens outside the Russian Federation. Moreover, Shamilova predicts difficulties in implementing already obtained individual licenses from the Belgian Ministry of Finance and OFAC for asset unlocking if Russia is included in the FATF 'black' list. The likelihood of opening new accounts for Russian citizens, regardless of residency in another country and tax residency in Russia, will approach zero. Existing client accounts of Russian citizens in Swiss and other European banks will be reviewed if Russia is included in the FATF 'black' list. This could potentially lead to complications and closures of accounts. However, Shamilova suggests that complications due to sanctions and lists could lead to the growth of neobanks, digital currencies, and alternative payment systems. These could provide new avenues for financial transactions, particularly for those involved in cryptocurrency platforms, which have been linked to Moscow's money laundering and complex transactions to circumvent sanctions. It's important to note that these predictions are based on potential scenarios and are not guaranteed outcomes. The final decision regarding Russia's inclusion in the FATF 'black' list is yet to be made. In conclusion, if Russia is included in the FATF 'black' list, it could have significant implications for Russian citizens, particularly in the area of banking and financial transactions. It may also lead to the growth of alternative financial systems, such as neobanks and digital currencies.
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