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COINTURK NEWS > Economy > FATF Removes Turkey from Grey List
Economy

FATF Removes Turkey from Grey List

In Brief

  • FATF removed Turkey from the grey list imposed in 2021.

  • Turkey completed all 40 standards in the FATF action plan.

  • Removal from the grey list could boost foreign investment in Turkey.

COINTURK NEWS
COINTURK NEWS 12 months ago
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Contents
First Statement from Minister of Treasury and Finance Mehmet Şimşek: “We Succeeded”Economic and Investment Expectations After Grey List Decision

Mali Eylem Görev Gücü (FATF) removed Turkey from the grey list, which was imposed in 2021 due to insufficient measures against money laundering and terrorism financing. Turkey was officially removed from the grey list today.

First Statement from Minister of Treasury and Finance Mehmet Şimşek: “We Succeeded”

As known, FATF placed Turkey on the grey list in 2021, citing inadequate measures against money laundering and terrorism financing. Since then, Turkey completed 39 out of 40 standards in the action plan agreed with FATF, and in the February 2023 general assembly, it was ruled that Turkey had completed its action plan. Following this decision, it was expected that Turkey would be removed from the grey list.

Especially with the passage of the Cryptocurrency Law on June 26, which was presented for President Erdoğan’s signature, all 40 standards in the action plan were completed, and the expectation for Turkey’s removal from the grey list increased significantly.

Indeed, Minister of Treasury and Finance Mehmet Şimşek recently announced on his social media account that Turkey had been removed from the grey list with the message “We succeeded.” Thus, the Cryptocurrency Law achieved its main objective.

Economic and Investment Expectations After Grey List Decision

Turkey’s removal from the grey list serves as an important reference for foreign investors. According to a 2021 IMF report, countries on the grey list saw an average decrease in capital inflows by 7.6% of GDP and a 3% reduction in direct foreign investment.

Therefore, Turkey’s removal from the grey list could increase foreign interest in TL assets and accelerate the flow of foreign investment.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 11 September, 2024 - 10:58 am 28 June, 2024 - 11:14 am
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