Mobster videos renew scrutiny on Turkey’s wealth amnesty law

Proponents say Turkey’s wealth amnesty law will help the economy but critics say it gives criminals ample loopholes to launder money.

Istanbul, Turkey – YouTube videos of convicted Turkish mob boss Sedat Peker accusing government officials of corruption and more have captivated millions in recent weeks and are renewing scrutiny on a Turkish law critics say provides a convenient loophole for money laundering and criminal activity to thrive. A “wealth amnesty” law that took effect in November allows individuals and companies to repatriate previously undisclosed cash, gold, foreign currency, securities, and other assets held abroad, or declare assets held in Turkey, without incurring a tax penalty. The amnesty, championed by the ruling Justice and Development Party (AKP), ostensibly aims to boost Turkey’s pandemic-hit economy.