According to ChainCatcher, Russia’s Federal Financial Supervision Service (Rosfinmonitoring) stressed that even if the Financial Action Task Force (FATF) blacklists Russia, its anti-money laundering system will continue to operate effectively.

The regulator said Russia improved its ratings on three FATF recommendations, with only one downgraded to ‘partial compliance’ due to insufficient legislative oversight in the field of virtual currency circulation.

Rosfinmonitoring noted that since the assessment, Russia has passed two federal laws to strengthen the regulatory framework for digital currencies. Whether FATF will blacklist Russia will be discussed at the FATF plenary meeting from October 21 to 25.