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Global watchdog–the Financial Action Task Force (FATF) has said that Turkey may be put on the &#39;grey list&#39; for failing to combat money laundering and terror financing.<br />
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According to a report in UK&rsquo;s <em>The Financial Times</em> newspaper, the FATF is likely to approve the decision to put Turkey on the &lsquo;grey list&rsquo;. <em>The FT </em>report also states that the 39-member plenary was &lsquo;very likely&rsquo; to endorse the recommendation in <a href="https://www.fatf-gafi.org/publications/fatfgeneral/documents/plenary-october-2021.html">its three-day session</a> from October 19-21.<br />
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This would put Turkey alongside 22 other countries in the list that includes Albania, Morocco, Syria, South Sudan and Yemen.<br />
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Turkey had been put on notice two years ago over money laundering and terrorst financing.<br />
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<a href="https://www.middleeasteye.net/news/turkey-risks-losing-more-20bn-grey-listing-global-financial-watchdog">The <em>Middle East Eye</em> says</a> that any such decision will lead to Turkey losing billions of dollars in revenue. It would &quot;deal a heavy blow to Turkey&#39;s fragile economy, with its currency already recording record losses against the US dollar. Since the beginning of this year, the Turkish lira has lost nearly 20 percent of its value&quot;.<br />
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Foreign investment in Turkey has seen a decline and is reportedly at its lowest in President Recep Tayyip Erdogan&rsquo;s 20 years at the helm.<br />
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If the FATF takes a decision to put Turkey on the &#39;grey list&#39;, the European nation would join <a href="https://www.indianarrative.com/latest-news/pak-expected-to-remain-on-fatf-grey-list-till-april-122295.html">close friend Pakistan</a>–which has remained on the list since June 2018 for its support to terror groups.<br />
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Turkey has successfully supported Pakistan, along with China and Malaysia, in keeping Pakistan out of the &#39;black list&#39;.<br />
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FATF had in June this year kept Pakistan on the &#39;grey list&#39; for failing to check money laundering and terror financing. Though the Imran Khan government mounted a strong defence, FATF found that it had failed to investigate and prosecute senior leaders and commanders of UN-designated terror groups, including Hafiz Saeed and Masood Azhar.<br />
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The three-day session in Paris discussed issues that fuel crime and terrorism. The FATF is also looking at cross-border payments and how to improve these in a bid to prevent terror financing.</p>
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<a href="https://www.indianarrative.com/world-news/pakistan-s-links-with-terror-tainted-taliban-could-derail-fdi-flows-crater-the-economy-113565.html">Pakistan&#39;s links with terror-tainted Taliban could derail FDI flows, crater the economy</a></p>
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