Turkey's progress in strengthening measures to tackle money laundering and terrorist financing

Publication details

Language

English

Country
Follow Up Report Turkey 2021

Follow-Up Report Turkey - 2021

Filename
Follow-Up-Report-Turkey-2021.pdf
Size
716 KB
Format
application/pdf
Download

30 November 2021- Since the 2019 assessment of Turkey’s measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework.

Turkey has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2019. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since its mutual evaluation. Consequently, to reflect Turkey’s progress, the FATF has now re-rated the country on the following Recommendations:

6 – Targeted financial sanctions related to terrorism and terrorist financing, from partially compliant to largely compliant

7 – Targeted financial sanctions related to proliferation, from partially compliant to largely compliant

18 – Internal controls and foreign branches and subsidiaries, from partially compliant to largely compliant

35 – Sanctions, from partially compliant to largely compliant

As Turkey did not meet the new requirements, Recommendation 15, was re-rated NC.

Today, Turkey is compliant on 11 of the 40 Recommendations and largely compliant on 20 of them. It remains partially compliant on 7 Recommendations and non-compliant on 2 Recommendations.

Turkey will remain in enhanced follow-up and will report back to the FATF on progress achieved on improving the implementation of its AML/CFT measures in June 2022.

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Turkey Mutual Evaluation - 2019

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
PC
R.7 - Targeted financial sanctions related to proliferation
NC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
LC
R.11 - Record keeping
C
R.12 - Politically exposed persons
NC
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
LC
R.15 - New technologies
LC
R.16 - Wire transfers
LC
R.17 - Reliance on third parties
C
R.18 - Internal controls and foreign branches and subsidiaries
PC
R.19 - Higher-risk countries
LC
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
PC
R.23 - DNFBPs: Other measures
PC
R.24 - Transparency and beneficial ownership of legal persons
PC
R.25 - Transparency and beneficial ownership of legal arrangements
PC
R.26 - Regulation and supervision of financial institutions
PC
R.27 - Powers of supervisors
LC
R.28 - Regulation and supervision of DNFBPs
PC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
LC
R.33 - Statistics
LC
R.34 - Guidance and feedback
LC
R.35- Sanctions
PC
R.36 - International instruments
LC
R.37 - Mutual legal assistance
C
R.38 - Mutual legal assistance: freezing and confiscation
C
R.39 - Extradition
C
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Earlier reports

  • 30 Nov 2021

    Turkey's progress in strengthening measures to tackle money laundering and terrorist financing This follow-up report analyses Turkey's progress in addressing the technical compliance deficiencies identified in its 2019 Mutual Evaluation.
  • 16 Dec 2019

    Turkey's measures to combat money laundering and terrorist financing Turkey has understood the risks it faces from money laundering and terrorist financing but serious shortcomings remain, including the need to improve measures for freezing assets linked to terrorism and proliferation of weapons of mass destruction.
  • 23 Feb 2007

    Mutual Evaluation of Turkey The report of the mutual evaluation of Turkey was adopted by the FATF Plenary in February 2007. This report provides a summary of the anti-money laundering (AML) and combating the financing of terrorism (CFT) measures in place in Turkey at September 2006 (the date of the on-site visit) and also considers the new AML legislation passed in October 2006. The mutual evaluation report describes and analyses those measures and provides recommendations on how certain aspects of the system could be strengthened. It also sets out Turkey’s levels of compliance with the Financial Action Task Force (FATF) 40 + 9 Recommendations

Related materials

The FATF Recommendations

The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FATF calls upon all countries to effectively implement these measures in their national systems.

Mutual Evaluations

The FATF conducts peer reviews of each member on an ongoing basis to assess levels of implementation of the FATF Recommendations, providing an in-depth description and analysis of each country’s system for preventing criminal abuse of the financial system
ESAAMLG Logo

FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems

The FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems sets out the evaluation process.