The Paris based Financial Action Task Force (FATF), a global money-laundering watchdog has sounded alarm bells against the increasing rate of money laundering and terror financing activity being undertaken in Turkey.
The intergovernmental organization, FATF has named Turkey compromised in nine areas of 11 parameters that it checks to see the health of a nation before it is added to the ‘grey list’. The grey list comprises all those nations which have inadequate financial controls in place and where the money is being inappropriately being consumed for terrorism funding and proliferation of weapons for mass destruction.
According to the internet definition, The Financial Action Task Force is also known as Groupe d’action financière (French name). It was founded in 1989 on the initiative of the G7 nations to develop policies to combat money laundering and later in 2001, its mandate expanded to include terrorism financing as well.
According to the report findings, Ankara could be placed under a one year observation period. If it did not mend its way, it could see itself being added to the grey list. Surprisingly, Turkey has a low rate of conviction for a crime against humanity (terrorism). In 2017, more than 6000 people were persecuted but merely 100 were actually convicted.
The current list of countries includes in the ‘Grey List’ includes Yemen, Zimbabwe, Syria, Pakistan, Iceland, and Trinidad to name a few.
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