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Turkey, Georgia Cited for Lax Money Laundering Policies for Nonbank Institutions
By Brian Monroe
printAwareness 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. The lack of awareness in Turkey – which strengthened its AML and terrorist financing laws in October – is a concern, the Financial Action Task Force (FATF) said in a review released Feb. 26. Georgia was cited for similar problems, including insufficient oversight of nonbank financial operations, according to a MONEYVAL report released Feb. 27. Turkey was deemed noncompliant – the lowest ranking the FATF can give – with...
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