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Turkey Removed from Money Laundering Watchlist by International Watchdog Organization

FATF Commends Turkey’s Progress in Anti-Money Laundering and Combating Terrorist Financing Efforts

Istanbul, Turkey - In a significant boost to Turkey’s economic turnaround efforts, the Financial Action Task Force (FATF) has removed the country from its “gray list” of nations that require special monitoring for money laundering and terrorist financing.

FATF Praises Turkey’s Progress

The Paris-based organization, dedicated to combating illicit cash flows, commended Turkey for making significant progress in strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) regime. The FATF noted that Turkey had addressed several “deficiencies” identified in its October 2021 monitoring report, including concerns over unregistered money transfer services and insufficient resources dedicated to terrorist financing investigations.

Removal from Gray List a Major Victory

Turkey’s removal from the gray list comes after a thorough review by the FATF, which found that the country had made significant improvements in its AML/CFT system. The organization emphasized that Turkey should continue to work with it to sustain these improvements, including ensuring its oversight of nonprofit organizations is risk-based and in line with international standards.

Government Welcomes Decision

The Turkish government welcomed the news, with Finance Minister Mehmet Simsek tweeting “We did it” alongside a Turkish flag emoji. Vice President Cevdet Yilmaz also hailed the decision, saying that it would boost international investors’ confidence in Turkey’s financial system and have positive consequences for the economy.

Impact on Economic Turnaround Efforts

Economists predict that Turkey’s removal from the gray list will have a significant impact on the country’s economic turnaround efforts. According to Mohamed Daoud, industry practice lead at Moody’s:

“Turkey’s removal from the FATF Grey List recognizes the significant progress made by the Turkish government and various economic sectors in strengthening their fight against money laundering and terrorist financing. This development is expected to boost Turkey’s reputation internationally, potentially boosting foreign investment and relationships with European and U.S. institutions.”

Boost for International Investors’ Confidence

The decision comes as a major vote of confidence for Turkey, which has been facing economic challenges in recent years, including high inflation and a depreciating local currency. The removal from the gray list is expected to boost international investors’ confidence in Turkey’s financial system, potentially leading to increased foreign investment and improved relationships with European and U.S. institutions.