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FATF: Turkey Largely Meets Criteria for Removal from Gray List

The Financial Action Task Force (FATF) announced the decisions taken at the General Assembly held in Paris on February 21-23.

Reported by Ata Ufuk Şeker and Bahattin Gönültaş, the statement highlighted that in October 2021, Turkey made a high-level political commitment to work with FATF to strengthen its Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) system.

In the FATF General Assembly of February 2024, the statement noted the initial determination by FATF that Turkey has largely completed its action plan to meet the criteria set by the organization for combating money laundering and terrorism financing. It emphasized the implementation and continuity of reforms in preventing money laundering and combating terrorism financing, confirming the necessary political commitment to sustain these actions in the future. The statement further requested an on-site assessment to verify these aspects.

The statement highlighted significant reforms in Turkey to strengthen the effectiveness of its AML/CFT system. Turkey was acknowledged for developing a risk-based approach to preventing money laundering and combating terrorism financing, enhancing the deterrent nature of sanctions and beneficial ownership requirements against violations.

It was mentioned that Turkey increased resources for its financial intelligence unit, and the country improved the use of generated financial intelligence. The statement also pointed out that Turkey conducted more complex investigations and prosecutions into money laundering based on identified risks and enhanced targeted financial sanctions against terrorism financing.

In the 2023 report shared by FATF, Turkey was reported to be compliant with 39 out of the 40 FATF standards.

Established in 1989 within the framework of the Organisation for Economic Co-operation and Development (OECD), FATF is an organization that sets recommendations and rules for combating money laundering. Turkey became a member of FATF in 1991, and the organization currently has 39 members consisting of 37 countries and 2 institutions. Since the September 11 attacks in 2001, FATF has also been responsible for controlling the financing of terrorism.

source: aa.com.tr / prepared by Melisa Beğiç

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