Norway may have been given a thumbs up from the Financial Action Task Force (FATF), but Turkey is not as lucky as the organization outlines several failures to fight crime.
In its latest report, the FATF state that while “Turkey has made significant progress in strengthening” its measures against money laundering and terrorism financing, “shortcomings are still noted”.
This is a significant threat, given Turkey’s location which increases the risks from money laundering risks from drug trafficking, migrant smuggling, human trafficking and fuel smuggling. The country also faces significant terrorist financing risks from both national and international threats.
The shortcomings included weak measures for freezing assets linked to terrorism and proliferation of weapons of mass destruction.
The FATF also noted that even though authorities cooperate and coordinate decently throughout Turkey, they would still need to make better use of financial intelligence to improve and increase the number of money laundering investigations which currently result in few convictions only.
The FATF also noted that Turkey still lacks a national strategy to permanently deprive criminals of the proceeds of their crimes.
Copyright © 2018 RegTech Analyst
