Turkey Removed from FATF Grey List Following Commitment to Strengthen Anti-Money Laundering and Counter-Terrorist Financing Regime
In June 2024, Turkey was officially removed from the Financial Action Task Force (FATF) Grey List after being listed since October 2021. This significant development comes on the back of Turkey’s high-level political commitment to work with the FATF to strengthen its anti-money laundering and counter-terrorist financing (AML/CFT) regime.
Significant Steps Taken by Turkey
According to the FATF, Turkey has taken several steps to improve its AML/CFT regime, including:
- Undertaking more complex money laundering investigations and prosecutions in line with risks
- Conducting parallel financial investigations in terrorism cases
- Prioritizing terrorist financing investigations and prosecutions related to UN-designated groups
Completion of Action Plans
The FATF plenary noted that Turkey had successfully completed its Action Plans to address the identified strategic deficiencies within agreed timeframes. The country will continue to work with the FATF and other partners to further strengthen its AML/CFT/CPF regime.
Technical Assistance from EU Global Facility
In recent years, the EU Global Facility team conducted a scoping mission in February 2022 to assess Turkey’s needs and demands for technical assistance. As a result, the EU Global Facility on AML/CFT designed a technical assistance work plan aimed at helping Turkey improve its compliance with anti-money laundering and counter-terrorist financing standards as defined under the European Commission’s Fourth and Fifth Anti-Money Laundering Directives.
Impact of Removal from Grey List
Turkey’s removal from the FATF Grey List is a significant development for the country, which has been working to address concerns related to money laundering and terrorist financing. The country will continue to work with international partners to strengthen its AML/CFT regime and prevent financial crimes.
- Strengthening Turkey’s anti-money laundering and counter-terrorist financing regime
- Improving compliance with international standards
- Enhancing cooperation with international partners to prevent financial crimes