Turkey ‘grey-listed’ by global finance watchdog for failure to combat terrorism financing

Turkey has been placed on the Financial Action Task Force (FATF) ‘Grey List’, for failing to combat money laundering and terrorism financing.

The international watch-dog group kept Pakistan on the ‘grey list’ of countries as well.

Turkey could lose over $23 billion in revenue as a result of the decision – a heavy blow to Turkey’s fragile economy.

Since the beginning of this year, the Turkish lira has lost nearly 20 percent of its value.

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