Turkey adds teeth to counter-terror financing law

The Turkish Parliament on Sunday ratified a motion calling for the prevention of proliferation of weapons of mass destruction (WMD).

The parliament also adopted a law, banning commercial activities of organizations and individuals facing sanctions by the UNSC. Accordingly collecting or providing funds to such individuals and organizations also stands banned in Turkey.

The provisions of the new law also deal with terror funding. The definition of "asset" was updated to match the internationally recognized definition.

Those who commit the crime of "funding terrorism" will be subjected to heavier fines and penalties, according to the new law.

Also, the assets of individuals and organizations sanctioned by the UNSC for "funding terrorism" will be frozen in a swifter procedure.

The law has also regulated the collection of donations and funding through the internet. As such, collecting donations and funding online will be subject to permission by the Turkish Interior Ministry.

By doing so, authorities aim to prevent the abuse of a sense of solidarity in the public.

The law also stipulates to regulate both domestic and foreign foundations operating in Turkey.

The operations of foreign foundations working in Turkey will be inspected regularly by the ministry. The collection and distribution of funds abroad by the Turkey-based foundations in the form of aid and donations will be also regulated by the ministry.

Turkish authorities underlined that all these measures will aim to make the fight against money laundering and terror financing swift and more efficient.