Dozens detained in Grand Bazaar money laundering op

ISTANBUL

Turkish authorities have detained 76 people over allegations that foreign exchange offices in Istanbul’s famous Grand Bazaar were being used to launder criminal proceeds, marking the latest in a series of operations against money laundering in the country.

This fourth operation targeting money laundering allegations at the Grand Bazaar focused on suspects across 10 provinces, a statement from prosecutors in Istanbul.

According to the statement, in line with an official report, assets worth 335 million Turkish Liras ($7.9 million) — including 31 vehicles and 74 properties — were seized.

In recent months, Türkiye has carried out numerous anti-money laundering operations, including actions involving over 100 companies such as Can Holding.

[HH] Expected visit from FATF

The operation came amid reports on a potential visit from an international team from the Financial Action Task Force (FATF), which is scheduled to evaluate Türkiye this month.

The country was removed from FATF’s “grey list” last year after showing progress in combating money laundering and the financing of terrorism, but it now needs to demonstrate continued compliance.

Failure to do so could result in a return to the grey list, which would undermine Türkiye’s improving financial reputation.

Türkiye had originally been placed on the grey list in October 2021.