The Financial Action Task Force (FATF) has completed an assessment of the implementation of anti-money laundering and counter-terrorist financing standards in Turkey. Among its major findings were:
- The number of convictions for money laundering in Turkey is relatively low, and the new legislation has not yet been in place long enough to fully demonstrate its effectiveness.
- Confiscation measures, although complete, have also not yet produced substantial results.
- The Turkish FIU is responsible for the receipt, analysis and dissemination of STR information for investigation by law enforcement. The number of STRs received, however, is relatively low.
- Preventive measures contained in Turkish law and regulations require financial institutions to undertake customer identification and certain other measures; however, customer due diligence measures need to be significantly reinforced in order to fully meet the FATF standards.
- Turkey needs to put comprehensive AML/CFT obligations into place for DNFBPs in order to comply with the FATF standards.
- Turkey has a sufficient framework for providing international co-operation and is able to do so broadly, although certain limitations in the coverage of the money laundering and terrorist financing offences could provide a technical limitation to such assistance.
This mutual evaluation was conducted using the FATF Recommendations as published in October 2004, and the 2004 Methodology for Assessing Compliance with the FATF 40 Recommendations and FATF 9 Special Recommendations.