FATF: TURKEY AML/CFT ASSESSMENT UPDATE REPORT

On 30 November, FATF published an enhanced follow-up report following the 2019 mutual evaluation report on the AML/CFT system of Turkey.  Turkey has been in the enhanced follow-up process since the report, and FATF has now re-rated the country on the following Recommendations:

  • 6 – Targeted financial sanctions related to terrorism and terrorist financing, from partially compliant to largely compliant;
  • 7 – Targeted financial sanctions related to proliferation, from partially compliant to largely compliant;
  • 18 – Internal controls and foreign branches and subsidiaries, from partially compliant to largely compliant; and
  • 35 – Sanctions, from partially compliant to largely compliant.

As Turkey did not meet the new requirements, FATF Recommendation 15 (new technologies), was re-rated NC (non-compliant).  Therefore, Turkey is compliant on 11 of the 40 Recommendations and largely compliant on 20 of them.  It remains partially compliant on 7 Recommendations and non-compliant on 2 Recommendations.  It will remain in enhanced follow-up and will report back to FATF on progress achieved on improving the implementation of its AML/CFT measures in June 2022.

In October, Turkey was added to the FATF Grey List, on the basis of a number of serious concerns raised in the 2019 report.

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/Follow-Up-Report-Turkey-2021.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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