World Bulletin / News Desk

Turkish and German financial crimes watchdogs have penned a cooperation deal to coordinate efforts in combating terrorist financing and money laundering.

The agreement between Turkey's Financial Crimes Investigation Board (MASAK) and Germany's Financial Intelligence Unit, or FIU, was signed Wednesday in the Turkish
capital, Ankara.

The deal allows for voluntary exchange of information and intelligence sharing between the two agencies.

Although it is impossible to know for sure how much money is laundered in the world in a year, a UN report estimation has put the figure at $1.5 trillion. IMF has said money laundering accounts for 2-5 percent of the global GDP.

Turkey has recently aligned its anti-terrorist financing law with the 36-member intergovernmental Financial Action Task Force, which "combats money laundering and terrorist
financing in the international financial system."

Compliance with the FATF regulations obliges Turkey to freeze suspected bank accounts without seeking a clearance from judicial authorities as well as stricter monitoring of money transactions.