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Turkey might be placed on FATF grey list for failing to combat terror financing

Turkey might be placed on FATF grey list for failing to combat terror financing
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Ankara, Oct 21 (UNI) Turkey is at risk of losing billions of dollars in revenue as the Financial Action Task Force (FATF) prepares to place the country on the “grey list” of countries that failed to combat money laundering and terrorist financing, according to a news report.
The Financial Times on Wednesday reported that the FATF was likely to approve placing Turkey on its grey list at its meeting on Thursday.
If Turkey is placed on the grey list, it will be monitored by the FATF's task force under special measures. Other countries listed on FATF's grey list include Syria, South Sudan and Yemen.
The FATF in its meeting on Thursday will also decide whether to keep Pakistan on the grey list. At its last virtual meeting in June, the FATF had retained Pakistan in the “grey list” and had asked Islamabad to implement a new action plan to tackle serious money laundering risks.
If Turkey is placed on the grey list, it will deal a heavy blow to Ankara's fragile economy, with its currency already recording record losses against the US dollar, the FT report said.
Since the beginning of this year, the Turkish lira has lost nearly 20 percent of its value.

The lira could depreciate further if Turkey's Central Bank, already under pressure from Turkish President Recep Tayyip Erdogan, cuts rates on Thursday.
Earlier this year, an IMF report found that the FATF grey-listing could negatively affect a country's short-term capital inflows significantly.
The report said it would cost an equivalent to 3 percent of gross domestic product and an additional reduction in foreign direct investment.
According to the FT's calculations, a 3 percent decline would be equivalent to about $23billion in Turkey.
The Turkish government last year passed some legislation to satisfy FATF's concerns.
But Turkey's opposition criticised some of the laws as including measures that could be used to shut down NGOs and aid groups in a country where freedom of assembly and protest is already severely restricted.
UNI/RN

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