ASSESSMENT OF TURKEY’S ANTI-MONEY LAUNDERING AND COMBATING TERRORIST FINANCING SYSTEM

Abstract

International financial system evolves rapidly and is global in nature. It provides opportunities to carry out transactions across borders quickly with a relative degree of anonymity. It is therefore imperative to highlight and share current information about potential vulnerabilities of jurisdictions’ financial system for robust antimoney laundering and combating the financing of terrorism (AML/CFT) system. Furthermore, it is crucial to review and consider issues related to international cooperation in identifying and examining vulnerable jurisdictions that are falling in implementing vigorous AML/CFT system so that others can take actions against those jurisdictions which are reluctant in reforming its system adequately. The objectives of this study are a) to give information about the money laundering and Financial Action Task Force (FATF) as an international standard setter for combating money laundering and terrorist financing b) to explain steps taken by FATF for the sake of international cooperation for combating money laundering and terrorist financing and c) to show how Turkey’s current situation are in the scope of international cooperation for combating money laundering and terrorist financing as a result of FATF assessment