Turkey Removed From FATF Grey List: A Significant Achievement in AML/CFT Efforts

A Milestone in Anti-Money Laundering and Counter-Terrorist Financing

In a major development, the Financial Action Task Force (FATF) has officially removed Turkey from its Grey List after demonstrating significant progress in strengthening its anti-money laundering and counter-terrorist financing (AML/CFT) regime. This move comes after Turkey’s listing back in October 2021 and marks a major achievement for the country.

Turkey’s Commitment to AML/CFT

Turkey has shown a high-level commitment to working with the FATF to improve its AML/CFT regime. The country has taken positive steps, including:

• Enhanced Money Laundering Investigations: Turkey has undertaken more complex money laundering investigations and prosecutions in line with risks.
• Parallel Financial Investigations in Terrorism Cases: The country has conducted parallel financial investigations in terrorism cases, prioritizing terrorist financing investigations and prosecutions related to UN-designated groups.

FATF Plenary Notes Turkey’s Progress

The FATF plenary noted that Turkey had completed its Action Plans to resolve the identified strategic deficiencies within agreed timeframes. As a result, Turkey will continue to work with the FATF and other partners to further strengthen its AML/CFT regime.

Technical Assistance from EU Global Facility

In recent years, the EU Global Facility team conducted a scoping mission in February 2022 to assess the needs and demands of Turkey. Following this assessment, the EU Global Facility 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.

Positive Implications for Turkey’s Financial Sector and Economy

Turkey’s removal from the FATF Grey List is a significant achievement for the country and demonstrates its commitment to addressing AML/CFT risks. The move is expected to have positive implications for Turkey’s financial sector and economy, both domestically and internationally.