| 1 October 2022, Saturday |

FATF may put Turkey on ‘grey list’ over money laundering and terror financing: Report

As it has reportedly failed to combat terrorist financing and money laundering, Turkey may be “greylisted” by the Financial Action Task Force (FATF), According to a report.
The Financial Times reported that that global financial watchdog may approve the decision to put Turkey on the “grey list”.
The London-based newspaper reported that Turkey may join 22 other states in the list which is likely to hit the Erdogan regime’s ability to raise international investment for the country. The country’s currency the Lira has plunged to a historic low against the dollar amid the economic crisis.
The report said Turkey was “put on notice” two years ago by the FATF. The financial body had declared that although Turkey understood “the risks it faces from money laundering and terrorist financing” but it found “serious shortcomings”.
FATF officials may move to put Turkey on the list on Thursday in Paris, the report claimed. In June, the FATF had decided to keep Pakistan on the “grey list” even as the Imran Khan government claimed it had implemented 26 of the 27 points forwarded by the body to enable it to exit the list.
FATF said although Pakistan had made “significant progress” but added that plan on financial terrorism still needed to be implemented with “investigation and prosecution of senior leaders and commanders of UN-designated terror groups”.
Pakistan’s government had passed legislation on Counter Terror Financing (CTF) and Anti Money Laundering (AML) but the FATF had expressed concern over Pakistan’s inaction on UN listed terror groups.
There are 22 countries on FATF’s grey list including Yemen, South Sudan, Syria, Morocco, Albania, Zimbabwe, Cambodia, Barbados, Cayman Islands, Philippines among others.