Turkey has intensified its efforts to be removed from the gray list, which identifies countries facing challenges in combating money laundering and the financing of terrorism.
According to the information obtained by AA (Anadolu Agency), while 5 out of the 7 deficiencies identified by FATF (Financial Action Task Force) have been addressed, the relevant ministries and institution directors, under the coordination of the Ministry of Treasury and Finance, held their first meeting on Monday, July 10th to address the remaining 2 deficiencies.
With this meeting, the Ministry of Treasury and Finance initiated a fast and effective coordination process. As part of this process, efforts will be accelerated regarding education and awareness-raising activities on money laundering and the financing of terrorism. Specialized Republic Prosecutors’ Offices and designated courts will be established in all provinces for money laundering and terrorism financing cases, and guidelines regarding the investigation process by the law enforcement agencies have been prepared. Training programs aimed at increasing awareness will be expedited.
Special task forces will be formed, and technical teams have also been established to strengthen Turkey’s positive perception in the international community.
Treasury and Finance, the Ministry Mehmet Şimşek stated that Turkey is strongly committed and sincere in its efforts to combat money laundering and the financing of terrorism in line with the international standards set by FATF. He emphasized that they have intensified their work to address the deficiencies identified by FATF.
Şimşek reminded that out of the 7 deficiencies identified by FATF, 5 have been addressed. He stated:
“To efficiently address the remaining 2 deficiencies, under the coordination of our ministry, the Ministry of Treasury and Finance, the Ministry of Justice, and the Ministry of Interior, along with the deputy ministers and relevant institutions (Financial Crimes Investigation Board of the Ministry of Treasury and Finance, Directorate of Foreign Relations and EU Affairs and General Directorate of Penal Affairs of the Ministry of Justice, General Directorate of Security (Organized Crime and Anti-Smuggling units) and Gendarmerie General Command (Organized Crime and Anti-Smuggling units)), gathered on Monday.
During the meeting, it was once again emphasized that the efforts to address these deficiencies should be carried out rapidly and effectively in a coordinated manner. In this regard, specialized courts and prosecutors’ offices responsible for combating money laundering and terrorism financing have been designated, and special investigation bureaus for combating money laundering have also been established. Additionally, various guidelines have been prepared for the relevant units, and educational and awareness-raising activities have been conducted. Furthermore, the technical working groups formed by our ministries continue their activities intensively.”
Şimşek emphasized that they will swiftly implement the necessary measures to exit the gray list of FATF and strengthen Turkey’s positive perception in the international community.
Şimşek also discussed the negative effects of being on the gray list, stating that it leads to a decrease in capital inflows by a certain percentage of gross domestic product and an increase in the cost of syndicated loans.