More than half of the private firms that were reported for money laundering were involved in the construction sector, signalling the rapidly growing sector as a preferred conduit.
The IIF and the Wolfsberg Group jointly responded to the a recent FATF consultation on strengthening international standards concerning the beneficial.
The government through its interventions by requiring companies to disclose their significant owners, alongside other regulations helps reveal the true beneficiaries behind corporate entities, making it difficult for individuals or entities to hide their involvement in potentially corrupt activities. They further discourage the creation of shell companies used for money laundering or concealing corrupt practices, since the ultimate beneficial owners must be disclosed.
President Tayyip Erdogan said on Sunday parliament may pass a legal amendment to resolve a judicial crisis involving an unprecedented clash between two of the country's top courts. The unprecedented confrontation between the tribunals stoked a debate over the rule of law this week, when the appeals Court of Cassation refused to abide by a ruling of the Constitutional Court over a jailed parliamentarian and made a criminal complaint against judges of the top court. "It is not difficult to make legal arrangements regarding individual applications (to the Constitutional Court)," Erdogan told reporters on a flight back from Saudi Arabia, according to a text published by his office on Sunday.