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Banks See Costs or Opportunities in FATF’s Decision on Turkey’s Membership
By Colby Adams
printGlobal banks with business in Turkey are anticipating the outcome of an intergovernmental organization's plenary meeting this month that could see the country suspended from the group or removed from a blacklist. The Financial Action Task Force (FATF) threatened in October to suspend Turkey's membership if it failed by Feb. 22 to establish a legal framework for identifying and freezing terrorist assets consistent with the organization's 40 recommendations. Turkey must also amend its definition of terrorism financing to include funding for acts perpetrated abroad, FATF said. In response, lawmakers in the Grand National Assembly's Justice Commission advanced a bill last...
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