Turkey risks being added to “gray list” by FATF for money laundering and terrorist financing



The FATF review recommended that Turkey be subject to special oversight by the working group’s international cooperation review group. (File photo-AFP)

The FATF has recommended that Turkey be placed under special surveillance by the working group’s international cooperation review group.

  • CNN-News18
  • Last update:October 21, 2021, 07:47 IST

The global financial watchdog could endorse the move to put Turkey on the “gray list” because it has failed in its approach to combating money laundering and terrorist financing, the London-based organization Financial Time reported.

The Financial Action Task Force (FATF) review recommended that Turkey be the subject of special follow-up by the Task Force’s International Cooperation Review Group. The process is known as the “gray list” and after that Turkey will join 22 other states including Albania, Morocco, Syria, South Sudan and Yemen.

The FT report also says the 39-member plenary was “very likely” to endorse the recommendation, according to one official, while the other said approval should be a mere formality. The decision is expected to be officially announced today.

Top Indian government sources responded to this and said it was further evidence of how Turkey is joining Pakistan. “We have proof of how Turkey is involved in anti-Indian sentiments with Pakistan and the country that comes on the ‘gray list’ will prove how they want the world to be disturbed by these wrongdoings,” said sources.

The FT report also states that foreign investment in Turkey is already close to the lowest level reached in nearly 20 years as President Recep Tayyip Erdogan.

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