In response to U.S. sanctions targeting shareholders of the Turkish real estate investment fund Trend GYO over alleged ties to Hamas, Turkey has conducted a thorough review of the company’s financial activities. The Turkish Treasury, in a statement released on Monday, confirmed that no abuse of the nation’s financial system was identified during the examination.
The U.S. sanctions, imposed on October 27, specifically targeted three key shareholders of Trend GYO, including the chairman and a board member. Despite the allegations, Trend GYO had vehemently denied providing any financial support to the Palestinian militant group Hamas.
Turkey’s Treasury emphasized that the Turkish financial system operates in full compliance with both national laws and international obligations. The system is actively monitored by various regulatory and supervisory authorities to ensure its integrity.
The statement from the Treasury stated, “Turkish authorities have carefully reviewed the financial activities and status of all relevant real and legal persons to establish that there was no abuse of our nation’s financial system.”
These findings were communicated to U.S. officials, including Treasury Undersecretary Brian Nelson, during their recent visit to Ankara. The statement noted that Turkish authorities received no evidence challenging their conclusions from their U.S. counterparts.
Addressing concerns raised by Nelson, who mentioned that, despite not designating Hamas as a terrorist group, the U.S.-targeted entities could still violate Turkish domestic law, including money laundering and direct funding of violent acts, the Turkish official stated that Turkey adheres to sanctions endorsed by the United Nations Security Council.
Additionally, the official mentioned that Ankara takes measures to minimize any circumvention of sanctions, emphasizing its commitment to international standards.
Turkey stands firm in asserting the financial integrity of Trend GYO and its shareholders, refuting claims of financial support to Hamas. The communication of findings to U.S. officials aims to address concerns and maintain transparency in the bilateral dialogue between Turkey and the United States.
