Turkey's vulnerability to illicit financiers has grown over the past year, in part due to its deepening economic relationship with Iran and turmoil along its southern border, say policy advocates.
A global watchdog against financial crime removed Turkey from a list of jurisdictions that haven't sufficiently complied with its standards, despite the country's failure to meet several of the group's goals.
The Supreme Court nears a ruling on the long-running Arab Bank case, FATF spares Afghanistan from its blacklist, and more, in this week's news roundup.
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.
In the strange and often obscure world of terrorist financing, an account's lack of transactional activity seems an unlikely red flag for anti-money laundering compliance officers.
U.S. officials will soon ask an influential intergovernmental group to call on its members to relax laws preventing bank affiliates from sharing data on suspected financial crimes, say sources.
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.
The Financial Action Task Force is set to implement a two-tiered grading system for future mutual evaluations as part of an effort to better score the efficacy of anti-money laundering regimes.
Global 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.
U.N. and U.S. sanctions against the Lashkar-e-Taiba, one of the largest militant Islamist groups operating in the world, have done little to stem its finances, according to Amit Kumar, the fellow for Homeland Security and Counterterrorism at the Center for National Policy.
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.
An intergovernmental group's revised expectations of how countries should seize looted assets may prove difficult to meet, and could lower the mutual evaluation scores nations receive for their anti-money laundering controls.
An intergovernmental group that evaluates how countries fight money laundering and terrorist financing will change how it grades compliance with its standards beginning next year, say individuals familiar with discussions.
Two of the world's most influential intergovernmental groups will more heavily weigh each other's anti-money laundering and anti-tax crime standards in future evaluations, a former official said.
The U.S. Treasury Department will issue guidance expanding on pending regulations in an effort to plug compliance gaps ahead of the Financial Action Task Force's next review of the United States.
Legislation approved Thursday by Argentina's congress will bring the South American nation in line with international counterterrorism financing standards, say current and former officials of the country's financial intelligence unit.
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.
Intergovernmental evaluations of how nations fight money laundering and terrorist financing often do not accurately reflect whether those efforts are effective, the International Monetary Fund said in a report Wednesday.
Eleven jurisdictions have yet to make "significant progress" on improving their anti-money laundering regimes despite having had six months to more than a year to do so, an intergovernmental watchdog said Monday.
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.