FATF: Russia & Turkey Need to Critically Update Their Asset Freezing Powers

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The global Financial Action Task Force have published new assessments of the anti-money laundering AML regimes in place for two countries severely lacking in terms of powers over asset freezing. The jurisdictions are namely Russia and Turkey.

The assessments make various recommendations, with each country needing to improve the following processes which are in critical states currently:

Abilities to rapidly freeze assets of all natural and legal persons linked to terrorism.
Prosecute more complex money-laundering cases.
Strengthen legal sanctions against banks and financial intermediaries.