Türkiye removed from the grey list for money laundering and terrorist financing
On Friday, the Financial Action Task Force (FATF) announced the removal of Türkiye from a grey list aimed at combating money laundering activities.
The Paris-based group was quoted by Bloomberg news agency as saying that Türkiye is no longer on the list of countries under increasing surveillance, after improving its mechanisms to deal with money laundering and terrorist financing.
The group said Türkiye had addressed the shortcomings by imposing deterrent sanctions for money laundering and terrorist financing offences, and carried out money laundering investigations and prosecutions, among other measures.
Turkish Vice President Cevdet Yılmaz was quoted by Bloomberg as saying that the decision would have a positive impact on borrowing costs for Türkiye.
Türkiye was placed on the FATF grey list in October 2021 due to gaps in oversight of sectors such as banking and dealing with gold and precious stones.
The Financial Action Task Force (FATF) was established more than three decades ago at the initiative of the Group of Seven major industrialized countries and aims to prevent money laundering and terrorist financing activities.
