Why Turkey joins Pakistan on FATF grey list and how it is a big blow for ‘best buddies’ | Firstpost | Oct 25 2021
In putting Turkey on the grey list, FATF has given out eight technical reasons which show that the country will have to make great efforts in both anti-money laundering and CFT areas if it wishes to get off the grey list. These actions include greater oversight of its money transfer industry, investigations of cases and “prioritising TF (terrorist financing) investigations and prosecutions of UN designated groups”. This is a strong indictment of a country that has the 17th largest economy in the world and is a G20 member.
No wonder Turkey responded harshly to the FATF decision. Its finance ministry called the FATF action as “unwarranted”. Suleyman Soylu, the country’s interior minister, went further. He said, “We are a country where terrorism inflicts the most costs. The one, who finances and empowers terrorism, is Europe. There can be such brazenness. It can be made contrary to the facts.” Significantly, Erdogan has ordered ten Western countries’ Ambassadors be declared persona non grata on a matter unconnected with the FATF, but it is likely that its greylisting has contributed to his rage leading to this action.
No wonder Turkey responded harshly to the FATF decision. Its finance ministry called the FATF action as “unwarranted”. Suleyman Soylu, the country’s interior minister, went further. He said, “We are a country where terrorism inflicts the most costs. The one, who finances and empowers terrorism, is Europe. There can be such brazenness. It can be made contrary to the facts.” Significantly, Erdogan has ordered ten Western countries’ Ambassadors be declared persona non grata on a matter unconnected with the FATF, but it is likely that its greylisting has contributed to his rage leading to this action.
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