Turkey faces threat of ‘grey-listing’ by global finance watchdog

Turkey is set to be “grey listed” by a global finance watchdog this week for failings in its approach to combating money laundering and terrorist financing, the Financial Times quotes two western officials as saying.

In a move that risks further denting Turkey’s already limited ability to attract crucial foreign capital, members of the Financial Action Task Force were likely to approve the decision during discussions in Paris on Thursday, the officials said.

They said an FATF review had recommended that Turkey should be subject to special monitoring by the taskforce’s International Co-operation Review Group — a process known as “grey listing” — joining 22 other states including Albania, Morocco, Syria, South Sudan and Yemen.

The 39-member plenary was “very likely” to endorse the recommendation, according to one of the officials. The other said that approval was expected to be a mere formality. The decision is due to be formally announced on Thursday.

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