FATF removes Turkey from grey list

The Financial Action Task Force (FATF) has removed Turkey from its 'grey list' of nations requiring increased monitoring. The decision was announced at the conclusion of the FATF's General Assembly meeting in Singapore.

The grey list includes countries that have committed to resolving identified strategic deficiencies within agreed timeframes but are subject to increased monitoring. Turkey's removal from this list is a testament to its efforts to enhance its anti-money laundering (AML) and counter-terrorism financing (CFT) measures.

Finance Minister Mehmet Şimşek, who attended the meeting in Singapore, hinted at this positive outcome through a social media post stating, "We succeeded," which was widely interpreted as confirmation of Turkey's removal from the list.

FATF President T. Raja Kumar is scheduled to hold a press conference later Friday to discuss the General Assembly's outcomes, which will likely include further details on Turkey's status.

Turkey has been a member of the FATF since 1991 but was placed on the grey list in 2021 due to concerns over the effectiveness of its AML and CFT measures. The implications of being on the grey list are significant, as many international investment funds are legally restricted from investing in listed countries. Turkey's exit from the grey list is expected to open the doors for these funds to invest in the country, potentially boosting its economy and enhancing its international standing. (HA/VK)