Turkey removed from money laundering grey list

The global financial crime watchdog Financial Action Task Force (FATF) has removed Turkey from its “grey list” of countries that requires special scrutiny, the country’s Finance and Treasury Ministry said on Friday.

“As a result of the steps taken in the right direction, Turkey has been removed from the grey list,” said the ministry in a statement.

The result will further enhance confidence in the country’s financial system and support Turkey’s efforts to achieve the objectives of its economic program, it added.

The ministry stressed that in this regard, the administrative and technical capabilities of Financial Crimes Investigation Board and other relevant institutions will be further enhanced, legal and administrative regulations will be promptly implemented as needed.

“With this development, international investors’ confidence in our country’s financial system has become even stronger,” Turkish Vice President Cevdet Yilmaz said on the social media platform X.

“The decision will have extremely positive consequences for both our financial sector and our real sector,” he added.

Turkey was placed on the FATF grey list in 2021 due to concerns about money laundering and terrorist financing in the country.