Financial Action Task Force on Money Laundering

Pakistan's parliament has approved amendments to an anti-money laundering law to make it more effective in targeting the financing of extremists and bring it into line with global standards, officials said on Nov. 26.

The United States and Turkey have agreed to conduct a joint effort to cut the funds financing the Islamic State of Iraq and the Levant (ISIL), while G-20 member states have also committed to further cooperation against terror financing.

Turkey has lost some $350 billion directly and $1 trillion indirectly over the last 30-40 years due to terrorism and its spillover effects, said Finance Minister Mehmet Şimşek on Dec. 26.

Turkey’s economic predictability and stability have been proven by the latest decision of the Financial Action Task Force (FATF) to remove Turkey from its follow-up process, Finance Minister Mehmet Şimşek said in a written statement Oct. 24.

The Council of Europe's expert committee on money-laundering issues, Moneyval, warned on Sunday that financial institutions should take precautions when conducting financial transactions with Bosnia.