A global watchdog has added Turkey to its list of countries requiring special regulatory oversight for failing to stop money laundering and terrorist financing
WASHINGTON—A global watchdog on Thursday added Turkey to its list of countries requiring special regulatory oversight for failing to stop money laundering and terrorist financing, a designation analysts say will rattle Ankara’s already shaky economy.
Turkey’s finance ministry called the action undeserved in a statement, saying that it had made progress in meeting FATF standards since its last review in 2019. The ministry said it would take all the necessary steps to remove the country from FATF’s list as soon as possible. The Turkish embassy in Washington didn’t respond to a request for comment.
“Given the other economic challenges that the country is facing, this is going to compound their economic crisis,” said Alex Zerden, a former U.S. Treasury official in both the Obama and Trump administrations.
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