Turkey Removed from FATF Grey List: Implications and Key Reforms
| Aspect | Details |
|---|---|
| Event | Turkey removed from FATF 'grey list' |
| Announced by | Turkish Finance Minister Mehmet Simsek |
| Announcement Platform | Social media platform X |
| FATF Plenary Meeting | Held in Singapore |
| Previous Status | Placed on the grey list in 2021 |
| Reasons for Grey Listing | Concerns over money laundering and terrorist financing, including support for groups like Hamas |
| Key Reforms | Regulation of cryptocurrency, increased oversight of the crypto market |
| Legislative Actions | Turkish Parliament approved stringent crypto market regulations |
| Ongoing Criticisms | Allegations of support for Hamas, involvement in financing arms transactions for Houthi rebels and Russia |
| Economic Implications | Expected to boost foreign investor confidence, Turkish lira, and assets; timing coincides with Turkey's inflation and cost-of-living crisis |
| FATF Establishment | 1989 |
| FATF Headquarters | Paris, France |
| FATF Members | 39 members, including major countries and regional organizations |
| FATF Purpose | Combat money laundering, terrorist financing, and related threats to the international financial system |
| FATF Functions | Sets international standards, conducts peer reviews, identifies high-risk jurisdictions, provides guidance and best practices |
| Grey List Definition | Countries under increased monitoring for deficiencies in combating money laundering and terrorist financing |
| Black List Definition | High-risk jurisdictions with significant strategic deficiencies |
| FATF Meetings | Plenary meetings three times a year |