Turkey has been told to urgently address “serious shortcomings” in its anti-money laundering (AML) and counter-terrorist financing (CTF) framework.
The Financial Action Task Force (FATF), which sets international standards for regulation of financial crime, found that holes remain in the country’s efforts to tackle dirty money, despite rapid progress over the last decade.
Turkey’s location abutting conflict zones in Iraq and Syria make the country a hub for terrorist groups to raise and transfer money, but the FATF evaluators found that financial institutions do not always understand the risks of terrorist financing.
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