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The global financial watchdog has removed Turkey from its gray list of countries with deficiencies in anti-money laundering and counter-terrorism financing policies, a boon for Ankara's efforts to turn around its economy.
The Financial Action Task Force announced the move on Friday after Turkey was added to the grey list in October 2021. Jamaica was also removed from the list.
The FATF decision is a significant victory for Turkish Finance Minister Mehmet Imek, who has led a radical economic turnaround since being appointed following President Recep Tayyip Erdoan's re-election last year.
Imek has sought to woo international investors who have fled Turkish markets in recent years by strengthening financial rules and regulations and ending unorthodox policies that triggered a years-long economic crisis.
With this development, the confidence of international investors in our country's financial system has been further strengthened, said Turkish Vice President Cevdet Ylmaz, who played an important role in the country's new economic program.
A 2021 IMF study found that a gray list had a large and significant negative effect on a country's capital inflows, meaning Friday's decision could lead to a further move toward Turkish assets.
Turkey's economic policy overhaul, which has included sharp increases in taxes and interest rates, has already led to a significant influx of foreign capital: international investors have injected $8.8 billion into the country's local currency public debt market this year.
Turkey has strengthened the effectiveness of its [anti-money laundering and counterterrorism financing] The regime must deliver on its action plan commitments regarding strategic deficiencies identified by the FATF in October 2021, the watchdog said on Friday.
FATF President Raja Kumar notably highlighted Turkey's progress in pursuing complex investigations into money laundering and terrorist financing as the main reasons for his decision to delist the country. grey. In one high-profile example, Turkey last year launched a wide-ranging investigation into allegations of money laundering and tax evasion by social media influencers.
One of the FATF’s main concerns was also addressed this week when parliament passed new cryptocurrency regulations that require companies that trade digital assets to register with the financial markets regulator. The country has one of the most active cryptocurrency markets in the world, but the lack of regulation has raised concerns that local exchanges could facilitate money laundering or terrorist financing.
However, Turkey, which did not participate in Western sanctions following Moscow's war on Ukraine, remains under pressure from its US-led allies to prevent local companies from facilitating Russia's access to military goods.
In recent months, the United States has imposed sanctions on numerous Turkish companies that Washington says supply Western technologies to Russia that it uses on the battlefield.
The FATF also added Venezuela and Monaco to its gray list on Friday. The United Arab Emirates was removed from the list in February, with the body citing progress by Gulf states in combating illicit fund flows.
The watchdog also reiterated its warning about the serious threats posed by [North Koreas] illicit activities linked to the proliferation of weapons of mass destruction and its financing.
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