The FATF, which is the global financial watchdog considered Turkey a facilitator of money laundering and terrorism financing, and put it on notice in December 2019.
FATF’s assessment on Turkey showed the below four concerns:
1- Turkish prosecutors give low priority to charges related to ML and TF
2- No national strategy to deprive criminals the proceeds of their crimes
3- Turkey’s ability to freeze assets linked to TF and ML is weak
4- The Turkish banking sector has less understanding of their exposure to TF.
Turkey was given almost two years to fix these problem, but failed.
Therefore it was put on the grey list by the FATF in 2021, accelerating the crisis it is witnessing today.
Not only this… This decision taken by the FATF will eventually push countries such as the EU to take similar decisions…
#turkey #aml #amlcompliance #amlcft
#terroristfinancing #inanutshell #inanutshellbymj