Bill on Undeclared Funds in Occupied Territories Submitted to "Parliament"

A "bill" concerning the import of funds from abroad into the occupied territories, known as the "money laundering regulation," has been re-submitted to the "parliament." The proposal for an urgent discussion was approved by a majority.

The "Minister of Finance," Ozdemir Berova, stated that the bill had been discussed in the first stage but was suspended due to concerns. The inflow of cash is expected to positively impact revenues.

Mr. Berova noted that the text was re-examined with representatives of the Republican Turkish Party (RTP). Despite tax exemptions, there was no compromise on compliance with legislation on income from illegal activities.

Transactions will be carried out through banking institutions. The new wording allows the import of not only physical money but also gold, bonds, and other financial assets.

The original "bill" was withdrawn about a year ago, under the risk of Turkey being included in the "gray list" of the Financial Action Task Force (FATF). The bill provides for the possibility of importing funds of unclear origin into the occupied territories, against payment of a tax.

Source: ΚΥΠΕ