Ankara/Paris: Turkey has been removed from the Financial Action Task Force’s (FATF) “grey list” of countries requiring enhanced scrutiny, marking a significant milestone for its economic revitalization efforts.
Initially downgraded to the grey list in 2021 due to concerns over money laundering and terrorist financing, Turkey’s removal follows comprehensive evaluations by an FATF team. The decision reflects Turkey’s substantial progress in strengthening its anti-money laundering and counter-financing of terrorism frameworks.
“The FATF recognizes Turkey’s significant strides in enhancing its financial integrity regime, no longer warranting heightened monitoring,” stated the Paris-based organization in a formal announcement.
Turkish Vice President Cevdet Yilmaz expressed optimism about the impact on international investor confidence, underscoring the positive implications for both the financial sector and the broader economy.
While the market response to the anticipated decision was subdued, with the lira showing minimal fluctuation against the dollar, the move underscores Turkey’s commitment to meeting international standards in combating financial crime.
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The FATF, an international body encompassing countries from the United States to China, aims to combat global financial crimes. Earlier this year, it similarly delisted the United Arab Emirates from the grey list after fulfilling its action plan requirements.
In February, the FATF confirmed Turkey’s completion of its action plan and conducted onsite assessments to verify its efforts against money laundering and illicit financing.
