Turkey exits 'Grey List'; Minister Şimşek announces 'We did it'

The Financial Action Task Force (FATF) has removed Turkey from its "grey list," which includes countries under increased monitoring for financial crimes. Treasury and Finance Minister Mehmet Şimşek shared the news on X, stating, "We did it."

Publication: 28.06.2024 - 16:42
Turkey exits 'Grey List'; Minister Şimşek announces 'We did it'
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The FATF, which evaluates global compliance with anti-money laundering and counter-terrorism financing measures, announced its decision regarding Turkey.

Accordingly, after three years, Turkey has been removed from the "grey list."

Minister Şimşek, who was in Singapore to present at the FATF meeting discussing Turkey's status, shared the victory on his social media account.

In 2021, the FATF had placed Turkey on the grey list, citing deficiencies in combating money laundering and terrorist financing.

Ministry's Statement

The Ministry of Treasury and Finance released a statement regarding Turkey's removal from the grey list. The statement read:

"At today’s Financial Action Task Force (FATF) meeting, our country was represented by our Minister of Treasury and Finance, Mr. Mehmet Şimşek. Thanks to the correct steps taken, Turkey has been removed from the grey list. Congratulations to our country and our nation.

This result, achieved under the leadership of our President and with the contributions of the Ministries of Justice, Interior, and Foreign Affairs, along with all public and private sector stakeholders, will further enhance confidence in our financial system and facilitate achieving our program goals.

We thank all institutions and organizations that contributed to this process.

Turkey will continue to combat the financing of terrorism and money laundering with determination and full compliance with international standards.

In this context, the administrative and technical capacity of the Financial Crimes Investigation Board (MASAK) and other institutions will be further strengthened. Necessary legal and administrative regulations will be implemented with the same rigor."

Why Was Turkey Listed?

The FATF, which assesses global adherence to anti-financial crime standards, placed Turkey on the grey list in 2021 due to perceived shortcomings in combating money laundering and terrorist financing.