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    Money laundering in Turkey to rise on AKP-led law: CHP

    HotNewsTurkey Staff
    31.10.2008 - 17:49 | Son Güncelleme:

    A draft legislation aiming at attracting Turkish citizens' funds held in foreign banks would lead to a serious rise the incidents of money laundering in Turkey, in case it becomes law, the main opposition Republican People's Party (CHP) leader, Deniz Baykal, said Friday.

    The ruling Justice and Development Party (AKP)-led legislation would introduce incentives to attract the funds held by Turkish citizens in foreign banks. The law, if implemented, would allow the transfer of funds into Turkey within a determined time without question or investigation.

    There is no official data on the total amount of deposits Turkish citizens hold in foreign bank accounts; however, it is estimated to be around $100-150 billion in accounts of some 22,000 people.

    "This would remove the responsibility in the Deniz Feneri charity issue, and lead to the acquittal of such organizations," Baykal told reporters ahead of his party's group meeting.

    In the Deniz Feneri case, viewed as the biggest charity scandal in German history, a court in Frankfurt jailed three managers from the charity's German branch, Deniz Feneri e.V., for directing 14.5 million euro ($20.6 million) of donated funds collected from the Turkish community in Germany into private companies.

    Several people based in Turkey, including the head of Turkey's media watchdog, RTUK, Zahid Akman, were implicated as the masterminds amid claims that the charity, whose founders are close to the ruling government, might have funneled funds into the prime minister's Islamic-rooted AKP.

    Photo: AA 

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