Mutual Evaluation of Turkey : 15th Follow-Up Report

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Mutual Evaluation of Turkey: 15th Follow-up Report

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Mutual Evaluation of Turkey : 15th Follow-Up Report

Turkey has made significant progress in addressing the deficiencies in its anti-money laundering/countering the financing of terrorism (AML/CFT) measures, as identified in the mutual evaluation report of February 2007. The assessment team conducting the mutual evaluation, rated Turkey non-compliant or partially compliant on five out of six Core Recommendations and partially compliant on five out of 10 Key Recommendations.  As a result of this lack of compliance, the FATF Plenary placed Turkey in a follow-up process. The follow-up process is a desk-based review that monitors that a country takes the necessary steps to strengthen its AML/CFT framework. 

Since the adoption of the mutual evaluation report in 2007, Turkey has taken a number of important steps to strengthen its legal and regulatory framework. In particular, Turkey has:

  • amended the money laundering offence in the Criminal Code, by lowering the threshold for predicate offences and including elements required by the relevant UN conventions;
  • adopted new regulations and amendments to existing regulations,  which strengthen the requirements on customer due diligence, beneficial ownership, risk and simplified/enhanced due diligence;
  • strengthened the reporting requirements for suspected terrorist financing transactions; and
  • adopted a new regime on the Prevention of the Financing of Terrorism.

As a result of this progress, the FATF Plenary decided at its October 2014 Plenary meeting that Turkey had taken sufficient steps in addressing technical compliance with the Core and Key Recommendations to be removed from the follow-up process.

Since February 2010, Turkey was also submitted to the FATF International Co-operation Review Group process, and identified as a country with strategic AML/CFT deficiencies. The FATF has determined that since 2010, Turkey has also addressed, the action plan agreed to with the FATF.  Turkey is therefore also Improving Global AML/CFT Compliance: on-going process – 24 October 2014 under its on-going global AML/CFT compliance process.

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