In a significant vote of confidence for Turkey amid its attempts to revive its economy, the Financial Action Task Force, an international watchdog group devoted to preventing money laundering and illicit cash flows, removed Turkey from its "grey list" of nations that require extra attention on Friday.
"The Paris-based organisation FATF welcomes Türkiye's significant progress in improving its AML/CFT regime," the report stated, using the Turkish government's spelling of the nation's name along with the abbreviation for fighting terrorist funding and anti-money laundering.
According to the report, Turkey has improved the efficiency of its AML/CFT system in order to resolve the "deficiencies" that the FATF had noted in its monitoring report from October 2021.
These shortcomings included, among other things, FATF concerns about unregistered money transfer services, a lack of resources for terrorist financing investigations, accusations of involvement in sanctions evasion, a lack of oversight of high-risk industries like banking and real estate that are used for money laundering, and a lack of oversight of nonprofits that may be used for terrorist financing.
According to the FATF's 2021 report, Turkey's banking, building, and real estate industries are susceptible to the illegal financing of organisations that have been sanctioned by the UN, such as al-Qaeda and the Islamic State.
However, it "should continue to work with the FATF to sustain its improvements in its AML/CFT system, including by continuing to ensure its oversight of the NPO [nonprofit organisation] sector is risk-based and in line with the FATF standards," the watchdog group concluded in its 2024 findings. Turkey is "no longer subject to the FATF's increased monitoring process."
According to a Google translation from Turkish, Turkey's finance minister, Mehmet Simsek, expressed his approval of the announcement by saying on social networking site X, "We did it," coupled with an emoji of a Turkish flag.
"With this development, international investors' confidence in our country's financial system has become even stronger," stated Cevdet Yilmaz, vice president of Turkey. The banking industry and the economy will benefit greatly from the decision.
Turkey's attempts to turn its economy around would probably benefit from the FATF's announcement following years of high inflation, a declining value of the lira, and erratic levels of foreign investment.
The ratings agency Moody's industry practice head, Mohamed Daoud, outlined the advantages that the new classification is anticipated to provide.
"The Turkish government and various economic sectors have made significant progress in strengthening their fight against money laundering and terrorist financing, as evidenced by their removal from the Financial Action Task Force (FATF) Grey List," stated Daoud.
“This development is expected to boost Turkey’s reputation internationally, potentially boosting foreign investment and relationships with European and U.S. institutions.”
(Source:www.ndtv.com)
"The Paris-based organisation FATF welcomes Türkiye's significant progress in improving its AML/CFT regime," the report stated, using the Turkish government's spelling of the nation's name along with the abbreviation for fighting terrorist funding and anti-money laundering.
According to the report, Turkey has improved the efficiency of its AML/CFT system in order to resolve the "deficiencies" that the FATF had noted in its monitoring report from October 2021.
These shortcomings included, among other things, FATF concerns about unregistered money transfer services, a lack of resources for terrorist financing investigations, accusations of involvement in sanctions evasion, a lack of oversight of high-risk industries like banking and real estate that are used for money laundering, and a lack of oversight of nonprofits that may be used for terrorist financing.
According to the FATF's 2021 report, Turkey's banking, building, and real estate industries are susceptible to the illegal financing of organisations that have been sanctioned by the UN, such as al-Qaeda and the Islamic State.
However, it "should continue to work with the FATF to sustain its improvements in its AML/CFT system, including by continuing to ensure its oversight of the NPO [nonprofit organisation] sector is risk-based and in line with the FATF standards," the watchdog group concluded in its 2024 findings. Turkey is "no longer subject to the FATF's increased monitoring process."
According to a Google translation from Turkish, Turkey's finance minister, Mehmet Simsek, expressed his approval of the announcement by saying on social networking site X, "We did it," coupled with an emoji of a Turkish flag.
"With this development, international investors' confidence in our country's financial system has become even stronger," stated Cevdet Yilmaz, vice president of Turkey. The banking industry and the economy will benefit greatly from the decision.
Turkey's attempts to turn its economy around would probably benefit from the FATF's announcement following years of high inflation, a declining value of the lira, and erratic levels of foreign investment.
The ratings agency Moody's industry practice head, Mohamed Daoud, outlined the advantages that the new classification is anticipated to provide.
"The Turkish government and various economic sectors have made significant progress in strengthening their fight against money laundering and terrorist financing, as evidenced by their removal from the Financial Action Task Force (FATF) Grey List," stated Daoud.
“This development is expected to boost Turkey’s reputation internationally, potentially boosting foreign investment and relationships with European and U.S. institutions.”
(Source:www.ndtv.com)
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