News World Turkey must step up measures against money laundering, watchdog says

Turkey must step up measures against money laundering, watchdog says

Turkish authorities must address shortcomings in tackling money laundering and terrorism financing or face being added to a “grey list” of countries with inadequate financial controls, according to a global money laundering watchdog.

In a report issued on Monday, the Paris-based Financial Action Task Force (FATF) highlighted gaps in Turkey’s efforts to prevent financing of terrorism and the proliferation of weapons of mass destruction.

Out of 11 areas evaluated, Turkey was deemed to require major or fundamental improvements in nine. The report’s findings mean Ankara will be put under observation for a year, and could be added to the grey list if it does not make improvements.

The watchdog said Turkey should make “fundamental improvements in measures for freezing assets linked to terrorism, terrorist organisations and financiers”.

Turkey had a low rate of conviction for terrorism financing, the report said, pointing to data it said was provided by authorities showing more than 6,000 people were prosecuted in 2017 but only 115 convicted.

Ankara should also improve efforts to prevent “the raising, moving and using of funds for weapons of mass destruction”, the report said, adding that Turkey was slow in following up U.N. Security Council resolutions relating to Iran and North Korea.

Turkey says it abides by all international laws and United Nations resolutions.

The report also called on Turkey to strengthen its use of financial intelligence in money laundering cases and develop a national strategy for investigating and prosecuting different types of money laundering.

(Reuters)

Top Stories

The first 007 dies at 90-So long Sean Connery

  Scottish movie legend Sean Connery, who shot to international stardom as the suave, sexy and sophisticated British agent James Bond and went on to...

Greece extended lockdown from Tuesday as numbers surge

  Greece will expand a night-time curfew on movement and shut restaurants and bars in the most populous areas of the country for one month...

Turkish mother, three children rescued after 18 hours under quake rubble

   A Turkish mother and three of her children were pulled from under the rubble of a collapsed building where they had been trapped for...

Turkish rescue workers search for quake survivors; death toll rises to 27

  Turkish rescue workers searched through rubble for survivors on Saturday, as the death toll from a powerful earthquake that hit the Aegean Sea the...

New Covid restrictions possible next week, as numbers steadily high

  The government is looking into additional measures to stem the coronavirus surge over the last couple of weeks and according to Philenews, it's possible...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...