Turkey far from Financial Action Task Force’s blacklist
Thursday, February 13, 2014
PARIS - Turkey is not expected to be put on the blacklist of the Financial Action Task Force (FATF).
During the FATF plenary meeting running in Paris between 12 to 14th February, experts who want to remain unidentified say that neither a negative outlook towards Turkey nor a discussion over `corruption` was mentioned.
The newly enacted law called the prevention of the financing of terrorism in Turkey in February 2013 addressed the required regulations from FATF`s evaluation in 2007. The regulations regarding money laundering and financing of terrorist organizations have been prepared in 2010 but due to a delay in the bill becoming law, Turkey was added to the FATF`s dark grey list on from the grey list.
Experts say Turkey`s responsibility to the FATF`s legal framework was fulfilled with the law enacted in Feb 2013. However, Turkey should focus on the proper implementation of the law, stressing there are still obstacles causing delays in the implementation of UN security council`s decisons which stipulate that they are required to be enacted within 24 hours as FATF advises.
Despite all criticism of the law coming infor force, the FATF secretariat has stressed that Turkey is aligned with the legal structure in its report released in October 2013.
Since the FATF blacklists only countries who do not accede to the agreement such as Iran, North Korea, technically it is impossible to put Turkey on blacklist experts stated.
In a report scheduled to be announced tomorrow, analysts do not foresee a negative report for Turkey except a declaration urging Turkey to speed up implementation procedures of the law.
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