FATF-CRITICISED TURKEY MAKES PROGRESS BOOSTING MONEY LAUNDERING CONTROLS
June 1st, 2009
BY PAUL COCHRANE
TURKEY'S bid to become part of the European Union (EU) has resulted in tougher banking and financial regulations, in addition to a strengthened financial intelligence unit at the Central Bank of the Republic of Turkey. But while the country has ramped up its counterterrorist financing initiatives to thwart funding to Kurdish separatist groups such as the PKK, Turkey's position as a crossroads between the East and West has resulted in significant challenges to rein in the surge in narcotics trafficking and organised crime.
In 2007, Turkey was ...
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