FATF Removes Turkey from Money Laundering Grey List, Boosting Financial Confidence

The global watchdog for financial crimes widely known as the Financial Action Task Force (FATF) is reported to have eliminated Turkey from its “grey list” that include countries that require a special scrutiny. As announced by Turkey’s Finance and Treasury Ministry on Friday, this significant move has brought a positive outlook for Turkey’s financial sector.

The ministry pressed that the comprehensive steps that were taken by the country in order to address the concerns of financial crime resulted in Turkey’s removal from the grey list.

The Ministry took the opportunity to highlight that this change is is expected to improve Turkey’s confidence in its financial systems and enable it to support the country’s economic goal. It further went on to shed light on the technical and administrative capabilities of the Financial Crimes Investigation Board and several other institutions that will subsequently be enhanced. The Ministry, additionally, mentioned that the important legal and administrative regulations will be implemented without any delay in order to sustain and better the advancements that were being brought in.

Turkish Vice President Cevdet Yilmaz took his social media handle on X in order to express his positive outlook about the same. He noted, “With this development, international investors’ confidence in our country’s financial system has become even stronger.” He added that the FATF’s decision would have profoundly positive implications for both Turkey’s financial and real sectors.

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In 2021 Turkey was largely faced with concerns that ranged from issues like money laundering to terrorist financing which led to heightened scrutiny over the country’s finances by the FATF and its inclusion in the grey list in 2021.

However, over the course of the past few years, the country had undertaken several measures to resolve these issues, which eventually led the FATF to lift its stringent scrutiny from over the country.