Turkey Exits FATF Grey List: A New Era for the Financial Systemy. 🇹🇷
The Financial Action Task Force (FATF) announced on June 28, 2024, that it has removed Turkey from the grey list due to its success in combating money laundering and terrorist financing. This decision marks a significant victory resulting from efforts since 2021.
📍Meaning and Effects of the Decision
The Ministry of Treasury and Finance emphasizes that this development will strengthen confidence in the financial system and facilitate the achievement of economic goals. Additionally, it aims to increase the capacity of relevant institutions, especially MASAK (Financial Crimes Investigation Board).
Vice President Cevdet Yılmaz states that the decision will accelerate the inflow of international resources, reduce borrowing costs, and positively affect both the financial and real sectors. According to Yılmaz, capital flow will increase, interest in the Turkish lira will strengthen, and the disinflation process will gain momentum.
📍FATF Evaluations
In FATF's decision text, Turkey's progress in areas such as financial intelligence, supervision, investigation, asset recovery, and counter-terrorism is detailed. Supervision of non-profit organizations and the implementation of UN sanctions are also notable developments.
📍A Secure Step for Turkey
Turkey's exit from the grey list is seen as a significant step that will enhance its reliability in the international financial system and contribute to its economic stability. This situation may help attract more capital to the country by increasing investor confidence.
The statements from the Ministry of Treasury and Finance and Vice President Cevdet Yılmaz's evaluations indicate that this decision will provide long-term benefits for Turkey.
