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.
