While 5 of the 7 deficiencies determined by the Financial Action Task Force (FATF) were eliminated, the managers of the relevant Ministries and institutions held their first meeting on Monday, July 10, under the coordination of the Ministry of Treasury and Finance on the remaining 2 deficiencies.
With the meeting, the Ministry of Treasury and Finance started a fast and effective coordination process. Accordingly, training and awareness activities on money laundering and financing of terrorism will be accelerated. While specialized public prosecutors’ offices and competent courts were established in all provinces regarding money laundering and financing of terrorism, guides were prepared regarding the investigation process by law enforcement. Trainings that will increase awareness will be accelerated.
While establishing private work offices, technical teams were also established to strengthen Turkey’s positive impression in the international community.
“We have accelerated our efforts to eliminate the deficiencies identified by FATF”
Mehmet Şimşek, Minister of Treasury and Finance, said that Turkey strongly maintains its determination and sincerity in the fight against money laundering and financing of terrorism within the framework of international standards set by FATF, and in this context, they accelerated their efforts to eliminate the deficiencies identified by FATF.
Reminding that 5 of the 7 deficiencies determined by FATF have been eliminated, Şimşek said:
“In order to carry out the work on the remaining 2 deficiencies quickly and effectively, under the coordination of our Ministry, the Deputy Ministers of the Ministry of Treasury and Finance, the Ministry of Justice and the Ministry of Interior and the relevant institutions of these Ministries (Ministry of Treasury and Finance Financial Crimes Investigation Board, Ministry of Justice Foreign Relations and Executives of the General Directorate of EU Affairs and the General Directorate of Criminal Affairs, the General Directorate of Security of the Ministry of Interior (KOM and TEM units), the Gendarmerie General Command (KOM and TEM units) met on Monday.
At the meeting, it was once again emphasized that the works to eliminate the said deficiencies should be carried out quickly in an effective coordination. In this context, after determining the specialized courts and prosecutor’s offices in charge of combating money laundering and financing of terrorism, special investigation offices have been established to combat money laundering. In the same context, besides the preparation of various guides for the relevant units, training and awareness-raising studies were carried out. In addition to these, the technical working groups established by our Ministries continue their activities intensively.
Şimşek emphasized that they will do what is necessary to get out of the gray list of FATF as soon as possible and strengthen Turkey’s positive impression in the international community.
Referring to the negative effects of being on the gray list, Şimşek said that being on the list has some negative effects such as “a decrease in capital flow by a certain percentage of gross product” and “cost increase in syndication loans”.