Ankara has accelerated efforts to be removed from ‘gray list'

ISTANBUL

Türkiye's Treasury and Finance Ministry has intensified its efforts for Türkiye to be removed from the “gray list” of the Financial Action Task Force (FATF).

It has been reported that out of the seven deficiencies identified by the FATF, five have been resolved.

On July 10, the ministry and officials from the relevant ministry and agency held their first meeting regarding the remaining two deficiencies.

Through this meeting, the ministry initiated a "rapid and effective" coordination process.

“Efforts to be intensified to accelerate education and awareness programs on money laundering and terrorism financing. Specialized public prosecutor's offices and competent courts have been established in all provinces, and guidelines have been prepared for the investigation process. Training programs to increase awareness will be expedited,” said the ministry.

Special working offices were established and technical teams were formed to strengthen Türkiye's positive perception in the international community, it added.

Finance Minister Mehmet Simsek stressed in the meeting that "Türkiye continues to demonstrate determination and sincerity in combating money laundering and terrorism financing in line with the international standards set by the FATF, and that the country has accelerated their efforts to address the deficiencies identified by the FATF."

“In order to address the remaining deficiencies swiftly and efficiently, coordinated action will be taken in conjunction with several ministries and agencies,” he added.

Emphasizing the importance of addressing these deficiencies "rapidly and in coordination", specialized courts and prosecutors' offices responsible for combating money laundering and terrorism financing have been determined, and special investigation offices have been established.

Simsek also stressed that “Türkiye will quickly fulfill the necessary requirements to be removed from the FATF gray list and strengthen the country's positive perception in the international community.”

Referring to the negative effects of being included in the gray list, he said that being listed leads to "a decrease in capital inflows up to a certain percentage of the gross domestic product" and "an increase in the cost of syndicated loans."

FATF serves as the worldwide watchdog for money laundering and terrorist financing. Its primary objective is to establish global standards aimed at preventing these unlawful activities and mitigating the resulting societal damage.

Türkiye became a member of FATF in 1991 and has been subject to an intensified follow-up process since the evaluation of its measures against money laundering and terrorist financing in 2019.

*Writing by Necva Tastan