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Turkey close to removal from FATF ‘grey list’ says minister

By Pramod Kumar
'We are committed to do whatever it takes to take Turkey out of the grey list' said Turkey's finance minister Mehmet Şimşek Reuters
'We are committed to do whatever it takes to take Turkey out of the grey list' said Turkey's finance minister Mehmet Şimşek

Turkey has successfully concluded technical studies aimed at removal from the Financial Action Task Force’s (FATF) grey list, treasury and finance minister Mehmet Şimşek has said.

The final step involves an on-site assessment scheduled for June, Hurriyet Daily News, a Turkish English daily, reported, citing the minister’s post on social messaging site X.

“We are committed to do whatever it takes to take Turkey out of the grey list,” he said.

The FATF – an intergovernmental organisation established to combat money laundering and terrorist financing, said last week that Turkey has substantially completed its action plan.

An on-site warrants assessment is needed to verify the implementation of the anti-money laundering (AML)/counter-financing terrorism (CFT) reforms, as the necessary political commitment remains in place to sustain implementation in the future.

In October 2021, Turkey made a high-level political commitment to collaborate with the FATF to strengthen the effectiveness of its AML and CFT regime.

Additionally, Turkey has improved its asset recovery system, giving priority to investigations and prosecutions related to terrorist financing, particularly those associated with UN-designated groups. Ankara has also enhanced its enforcement of targeted financial sanctions against terrorism financing.

Last week FATF removed the UAE from the grey list, in recognition of its efforts to curb illicit financial flows. The watchdog had placed the Gulf state under enhanced supervision (grey list) in March 2022, citing weaknesses in systems to fight financial crime and combat the financing of terrorism.

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