ANKARA, Türkiye (AP) — Turkey on Friday declared a ceasefire agreement that international monitoring groups have made known as Greylist This is a ranking of countries that are not doing enough to combat money laundering and terrorist financing.
The announcement by Singapore’s Financial Action Task Force could boost foreign investment in Turkey. Turkey has Severe economic downturn.
“We have succeeded,” Turkish Finance Minister Mehmet Simsek wrote on social media platform X when the decision was announced.
“This development has further strengthened international investors’ confidence in our financial system. This decision will have very positive consequences for the financial sector and the economy,” Vice President Cevdet Yilmaz said.
Being on a regulator’s grey list could scare off investors and creditors, hurting exports, production and consumption, and make global banks wary of doing business with the country.
FATF Chairman T. Raja Kumar, who is completing his two-year term, said Turkey’s removal from the grey list was due to “significant progress” it had made.
Kumar said a FATF team visited Turkey in May and found that Turkey had addressed all items in its action plan and taken “substantial steps” to improve its anti-money laundering regime.
As an example, he pointed to Turkey’s complex money laundering and terrorist financing investigations and prosecutions, which led to the country being placed on the list in 2021.
“We will continue our resolute fight against organized crime gangs, drug traffickers, migrant smuggling rings, money laundering criminal groups and especially terrorist financiers and traitors,” Turkish Interior Minister Ali Yerlikaya wrote on Twitter.
Jamaica has also been removed from the grey list, while Monaco and Venezuela have been added, Kumar said. Removed from the list Earlier this year.
