The Financial Action Task Force (FATF), the international body responsible for combating money laundering and terrorism financing, announced on June 28th that Turkey has been removed from its ‘grey list’ of jurisdictions under heightened scrutiny. This decision reflects Turkey’s substantial progress in strengthening its anti-money laundering and counter-terrorism financing regime.
The Paris-based organization acknowledged Turkey’s commitment to addressing the deficiencies identified in its previous assessments. The FATF’s statement highlighted the country’s significant strides in improving its legal framework, regulatory oversight, and enforcement mechanisms.
This achievement is a major victory for Turkish Finance Minister Mehmet Şimşek, who has been spearheading a comprehensive economic overhaul since his appointment following President Recep Tayyip Erdoğan’s re-election last year. Şimşek’s focus has been on attracting international investors back to Turkey’s markets, which experienced a significant exodus in recent years. He has successfully achieved this by strengthening financial regulations and dismantling the unorthodox economic policies that fueled a prolonged economic crisis.
Turkey’s removal from the FATF’s ‘grey list’ is expected to boost investor confidence and further enhance the country’s economic prospects. This milestone signifies a positive step towards restoring stability and attracting foreign investment, contributing to Turkey’s economic recovery and growth.
