FATF may put Turkey on 'grey list' over money laundering and terror financing
According to a report, Turkey may be “greylisted” by the
Financial Action Task Force (FATF) since it has reportedly failed to combat
terrorist financing and money laundering.
The Financial Times reported that that global financial
watchdog may approve the decision to put Turkey on the "grey list".
The London-based newspaper reported that Turkey may join 22
other states in the list which is likely to hit the Erdogan regime's ability to
raise international investment for the country. The country's currency the Lira
has plunged to a historic low against the dollar amid the economic crisis.
The report said Turkey was "put on notice" two
years ago by the FATF.
The financial body had declared that although Turkey
understood “the risks it faces from money laundering and terrorist
financing" but it found “serious shortcomings".
FATF officials may move to put Turkey on the list on
Thursday in Paris, the report claimed. In June, the FATF had decided to keep
Pakistan on the "grey list" even as the Imran Khan government claimed
it had implemented 26 of the 27 points forwarded by the body to enable it to
exit the list.
FATF said although Pakistan had made "significant
progress" but added that plan on financial terrorism still needed to be
implemented with "investigation and prosecution of senior leaders and
commanders of UN-designated terror groups".
Pakistan's government had passed legislation on Counter
Terror Financing (CTF) and Anti Money Laundering (AML) but the FATF had
expressed concern over Pakistan's inaction on UN listed terror groups.
There are 22 countries on FATF's grey list including Yemen,
South Sudan, Syria, Morocco, Albania, Zimbabwe, Cambodia, Barbados, Cayman
Islands, Philippines among others.
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