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. The Financial Action Task Force (FATF) threatened in October to suspend the nation's membership should it fail to outlaw terrorist financing and establish a legal framework to freeze the funds of terror financiers. The 36-member group said in an Oct. 19 statement that it was "deeply concerned by Turkey's continued failure" to do so since the problems were first noted in 2007. Why Turkish officials have done little to address the problems, first...
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.
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.
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.