Türkiye's anti-money laundering efforts pay off: FATF grey list removal near

In a significant development for Türkiye's financial sector, the Financial Action Task Force (FATF) is poised to remove the country from its grey list in the near future.

According to Report, which cites the Turkish newspaper Hurriyet, Turkish Finance Minister Mehmet Simsek will participate in the FATF meeting in Singapore from June 26-28, where the organization's report on Türkiye will be discussed.

"FATF inspectors conducted closed inspections in Türkiye in early May. The resulting report notes significant progress made by Türkiye in the fight against money laundering. If this positive atmosphere persists at the meeting on June 26-28, our removal from the grey list is a matter of the very near future," the publication states.

The FATF, founded in 1989, is an intergovernmental organization that develops global standards for combating money laundering and terrorist financing. It also assesses national systems' compliance with these standards. Türkiye joined the organization in 1991.