FATF removed Turkey from the gray list


Lerato Khumalo

The Financial Action Task Force (FATF) removed Turkey from the “grey list” of countries subject to strict financial scrutiny.

The decision to be removed from the gray list will strengthen Turkey’s international financial reputation and may also increase foreign investments.

FATF had placed Turkey on the “increased surveillance list”, called the gray list, in 2021 due to deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) policies.

In the statement made by FATF, it was said: “The FATF general assembly congratulates Jamaica and Turkey for the significant progress they have made in eliminating the strategic deficiencies in the fight against money laundering and the financing of terrorism, which were identified as a result of mutual evaluations.”

“Having completed their action plans and addressed their identified strategic deficiencies within the agreed timeframe, these two countries will no longer be subject to the FATF’s enhanced oversight process,” the statement said.

In the detailed report on high-risk countries and countries subject to increased surveillance, it was stated that the progress made by Turkey in the regime of combating money laundering and financing of terrorism was satisfactory.

The report stated that the deficiencies identified by the FATF in eight areas in October 2021 have been remedied, and that “Turkey should continue to work with the FATF to continue improvements in the AML/CFT system.”

Treasury and Finance Minister Mehmet Şimşek had said “we did it” in a social media post before the decision to remove Turkey from the grey list, which was closely watched by the markets.