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 Paris-based Financial Action Task Force (FATF) said Thursday that Turkey had taken "sufficient steps in addressing technical compliance" with its recommendations since a 2007 mutual evaluation found the nation noncompliant with 11 of its then-49 standards. The report faulted Turkey for weak oversight of financial customers and transactions possibly linked to terrorism. Turkish officials have since ordered financial institutions to report transactions possibly tied to terrorism, broadened the...
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.
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.
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.
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.