Türkiye set to exit FATF grey list amid financial reforms

Türkiye is set to be removed from the Financial Action Task Force (FATF) grey list of financial observers next month, Bloomberg reported amid Ankara’s steadfast economic measures are gaining international recognition.

Bloomberg revealed that the Paris-based FATF visited Türkiye in May and observed significant progress in preventing illegal money flows. Although no final decision has been made, the findings from this visit could lead to such a move.

Decision expected on June 28

Türkiye’s removal from the grey list is anticipated to occur during the FATF meeting on June 28 in Singapore.

A qualified majority of members must support the decision to be finalized, with even a few opposing votes potentially delaying the process. The members include various countries and organizations, such as the European Commission.

Minister Simsek had hinted

On May 20, Minister of Treasury and Finance Mehmet Simsek discussed Türkiye’s potential removal from the grey list. He mentioned that the OECD and FATF met in February and that Türkiye had prepared an action plan to exit the grey list.

Minister Simsek highlighted the FATF acknowledged Türkiye’s successful action plan implementation.

“Therefore, with on-site inspections, they indicated that ‘we can initiate the exit process from Türkiye.’ This decision was made. A comprehensive delegation visited in early May, and I met with them. Political ownership is valuable,” he said.

Simsek emphasized the importance of cutting off terrorist financing for Türkiye.

“We are determined in this regard, regardless of international norms or lists. We will continue to intensify our fight against money laundering and terrorist financing. Whether we exit the list or not, we are very determined. We are strengthening MASAK with technology and human resources, constantly consulting with our team, and enhancing our administrative capacity to combat money laundering and terrorist financing effectively,” the minister said.

“Therefore, we will exit this list in any case. Timing is the only issue; I hope political considerations do not interfere. Our stance on political ownership leaves no room for doubt, and I believe Türkiye needs to exit,” he added.