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...
The world's premier financial crime watchdog declined Friday to suspend Turkey's membership and disclosed how its assessors will begin evaluating jurisdictions on the efficacy with which they fight illicit finance.
A number of key provisions of the Iran Threat Reduction and Syria Human Rights Act of 2012 took effect, the European Union General Court ordered sanctions against Iran's Bank Saderat to be lifted, and more, in the weekly roundup.
The Turkish government's longstanding relationship with Hamas has stalled the country's passage of counterterrorist financing measures and threatened its involvement with an influential intergovernmental group, analysts say.
Turkey announces plans to impose sanctions against Syria due to violence against government protestors, FinCEN asks for comments on proposed revised MSB registration form, and more, in this week's roundup.
Awareness of anti-money laundering (AML) responsibilities is low among government authorities and nonbank financial institutions in Turkey and Georgia, according to reports by two international groups focused on global AML standards.