Home > Latest News > Turkey Spared Financial Regulatory Sanctions

Turkey Spared Financial Regulatory Sanctions

18:52, March 1, 2013

The Republic of Turkey risked being blacklisted by an international financial regulatory body on February 22, but the last-minute passing of a terrorism-financing law prevented the re-categorization of Turkey as non-compliant by the Financial Action Task Force (FATF).

The FATF sets international standards for curtailing terrorist financing, money laundering, and the proliferation of weapons of mass destruction. The body is comprised of 36 members, and relies as well on a network of regional bodies; over 180 jurisdictions are linked to the FATF.

In October 2012, the FATF stated it was “deeply concerned” regarding Turkey’s failure to meet its requirements as an FATF member, especially in relation to “fully criminalizing” terrorist financing and establishing an “adequate framework” to successfully pinpoint and freeze terrorist finances. The body said it would suspend Turkey’s membership on February 22, 2013 unless Turkey took remedial action.

Armenian News

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