The global financial crime watchdog Financial Action Task Force (FATF) has removed Türkiye from its “grey list” of countries that require special scrutiny, the country’s Finance and Treasury Ministry said on Friday.
“As a result of the steps taken in the right direction, Türkiye has been removed from the grey list,” said the ministry in a statement.
The result will further enhance confidence in the country’s financial system and support Türkiye’s efforts to achieve the objectives of its economic program, it added.
The ministry stressed that in this regard, the administrative and technical capabilities of the Financial Crimes Investigation Board and other relevant institutions will be further enhanced, and legal and administrative regulations will be promptly implemented as needed.
“With this development, international investors’ confidence in our country’s financial system has become even stronger,” Turkish Vice President Cevdet Yilmaz said on the social media platform X.
“The decision will have extremely positive consequences for both our financial sector and our real sector,” he added.
Türkiye was placed on the FATF grey list in 2021 due to concerns about money laundering and terrorist financing in the country.
Turkey, officially the Republic of Türkiye, is a country mainly in Anatolia in West Asia, with a smaller part called East Thrace in Southeast Europe.
It borders the Black Sea to the north; Georgia, Armenia, Azerbaijan, and Iran to the east; Iraq, Syria, and the Mediterranean Sea (and Cyprus) to the south; and the Aegean Sea, Greece, and Bulgaria to the west.
Turkey is home to over 85 million people; most are ethnic Turks, while ethnic Kurds are the largest ethnic minority.
Officially a secular state, Turkey has a Muslim-majority population. Ankara is Turkey’s capital and second-largest city. Istanbul is its largest city, and its economic and financial center, as well as the largest city in Europe. Other major cities include İzmir, Bursa and Antalya.
Xinhua
