FATF Evaluates Turkey's Anti-Money Laundering Measures

On November tenth, the Financial Action Task Force (FATF) visits Turkey to assess its progress in combating money laundering and terrorist financing. If Turkey fails to meet its commitments, it could be re-added to the FATFs grey list, impacting its financial standing. The FATFs visit, lasting up to three weeks, involves meetings with Turkish authorities, banks, and other organizations. Recent investigations into alleged money laundering have led to suspensions and revocations of licenses. Officials attribute current issues to lack of caution, ineffective audits, and delayed measures. Turkey was previously rated partially compliant by the FATF in regulating virtual assets, with concerns raised about rapid expansion and proper monitoring of relationships in the financial sector. The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.