Turkey makes strides towards removal from FATF grey list
Date
2/25/2024 2:48:30 AM
(MENAFN) On Friday, the Financial Action Task Force (FATF) declared that Turkey has made significant progress in fulfilling the requirements for its removal from the organization's grey list.
The announcement emphasized that Turkey had made a firm Political commitment in October 2021 to collaborate with the FATF in enhancing the effectiveness of its Anti-Money Laundering (AML) and Counter Financing terrorism (CFT) systems.
"At its February 2024 Plenary, the FATF made the initial determination that Turkey has substantially completed its action plan and warrants an on-site assessment to verify the implementation of the AML/CFT reforms has begun and is being sustained, that the, and that the necessary political commitment remains in place to sustain implementation in the future," the statement noted.
"Turkey has made key reforms, including: (1) enhancing its approach to risk-based AML/CFT supervision; (2) taking steps to ensure sanctions for AML/CFT breaches and beneficial ownership requirements are dissuasive; (3) enhancing resources for its FIU [financial intelligence unit] and the use of financial intelligence produced; (4) undertaking more complex ML [money laundering] investigations and prosecutions in line with risks; (5) improving its asset recovery system; (6) prioritising TF investigations, prosecutions and confiscations related to UN-designated groups; (7) enhancing its implementation of targeted financial sanctions for terrorism financing; and (8) enhancing outreach to a broad range of NPOs [non-profit organization] and taking steps to ensure that supervision of NPOs is risk-based and does not disrupt or discourage legitimate NPO activity, such as fundraising," it further mentioned
Turkish Treasury and Finance Minister Mehmet Simsek announced on Friday that the process aimed at removing Turkey from the FATF grey list has reached its concluding phase. Simsek emphasized that the task force has determined Turkey's completion of all the items outlined in an action plan designed to enhance its Anti-Money Laundering (AML) and Counter Financing Terrorism (CFT) systems.
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