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[AML-CFT] Turkey behind money laundering standards

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  • ?N�N� AKG�N ALP
    Turkey’s policies against money laundering and terrorist financing are largely not in compliance with the Organization for Economic Cooperation and
    Message 1 of 1 , May 10, 2010
      Turkey’s policies against money laundering and terrorist financing are largely not in compliance with the Organization for Economic Cooperation and Development’s (OECD) Financial Action Task Force (FATF), which works to prevent money laundering, the Anatolia news agency reported yesterday.

      According to anonymous sources from the Finance Ministry’s Financial Crimes Investigation Board (MASAK), Turkey is compliant with one out of 16 main standards of the FATF, while it is largely compliant with five and only partly compliant with the remaining 10 standards. This situation resulted in the country’s inclusion in the FATF’s second inspection pool, sources said. “Turkey will get out of this pool after implementing the necessary measures in accordance with the criteria of the FATF,” a senior MASAK official was quoted as saying by Anatolia. In its last general assembly in Abu Dhabi this year, FATF decided to keep Turkey on a regular follow-up process, calling on the country to fix its shortcomings in its battle against terrorist financing. Turkey is scheduled to submit a comprehensive report to the FATF on developments to this end by June.

      An intergovernmental body developing and promoting policies, both at national and international levels, to combat money laundering and terrorist financing, the FATF was established in 1989. The institution currently has 34 members, and its evaluations are regarded with special importance by international bodies, including the United Nations.

      Source: Todays Zaman


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      Posted By İNÖNÜ AKGÜN ALP to AML-CFT at 5/10/2010 02:22:00 PM
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