ISTANBUL — Turkish authorities must address shortcomings in tackling money laundering and terrorism financing or face being added to a "gray list" of countries with inadequate financial controls, according to a global money laundering watchdog. In a report issued on Monday, the Paris-based Financial Action Task Force (FATF) highlighted gaps in Turkey's efforts to prevent financing of terrorism and the proliferation of weapons of mass destruction. Out of 11 areas evaluated, Turkey was deemed to require major or fundamental improvements in nine. The report's findings mean Ankara will be put under observation for a year, and could be added to the gray list if it does not make improvements. The watchdog said Turkey should make "fundamental improvements in measures for freezing assets linked to terrorism, terrorist organizations and financiers".

Source: International New York Times December 16, 2019 16:41 UTC