Bank Ties to Turkish Graft Scandal Could Complicate FATF’s View of Jurisdiction

By Colby Adams

An ongoing corruption and graft scandal involving a state-controlled Turkish bank will likely complicate Turkey's standing with the global anti-money laundering community, say analysts. Last month, Turkish law enforcement officials accused three government ministers of accepting more than $60 million in bribes from Reza Zarrab, an Iranian-born Turkish citizen who allegedly bribed Turkish officials as part of a gold-for-oil scheme orchestrated by Iran to circumvent economic sanctions. To avoid blacklisted transactions, Iran received payments for oil in lira at an account maintained by Turkiye Halkbank Bankasi, or Halkbank and then used the lira in Dubai to buy gold, which was...