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The government is set to enact the sixth "dirty money" law, which shows how desperate the country's economy is, according to Özgür Özel, the parliamentary group deputy chair of the main opposition Republican People's Party (CHP).
"The government is introducing the sixth dirty money regulation in 12 years. The introduction of a similar regulation within a year shows how pathetic the situation of the economy is," Özel said in a written statement.
According to the law proposal submitted by the ruling Justice and Development Party (AKP), real and legal persons who report their money, gold, foreign currency, securities and other capital market instruments abroad to a bank or another brokerage firm in Turkey until June 30, 2021, will be able to use these assets in the country, Özel noted.
The parliament passed a similar law last July, he said, adding that "making a habit" out of such regulations would harm the tax system and the fight against money laundering.
It was impossible to compensate for the loss of foreign investments with such regulations, according to Özel. "According to the latest data, foreign capital owners' direct investments in Turkey has decreased by 54 percent. While foreigners' portfolio in Turkey was 117 billion dollars in 2017, it declined to 57 billion dollars in 2020. In the last three years, 60 billion dollars of direct foreign investment left the country." (HA/VK)
