Minister Şimşek points to post-election for removal from grey list: Uganda is out, Turkey remains!

Turkey was placed on the grey list of the Financial Action Task Force (FATF), which is affiliated with the OECD, 28 months ago due to deficiencies in combating money laundering and the financing of terrorism.

The FATF, which announces countries that are insufficient in combating money laundering and terrorist financing during its meetings held three times a year, includes Turkey, as well as the UAE, Uganda, Burkina Faso, Haiti, Jamaica, Cambodia, Panama, and Syria on its list.

EXIT FROM GREY LIST LEFT TO POST-ELECTION

According to the report in Karar, Turkey has largely met the criteria set by the Financial Action Task Force regarding money laundering and terrorist financing. However, while countries such as the UAE, Uganda, and Barbados were removed from the grey list, Turkey was not. The FATF stated that Turkey has improved the implementation of targeted financial sanctions against the financing of terrorism. Treasury Minister Şimşek stated that the technical work has been successfully completed and said, "The process of exiting the grey list will be completed with an on-site inspection to be held in June."

Treasury and Finance Minister Mehmet Şimşek stated that the final stage has been reached in the process of Turkey's exit from the Financial Action Task Force's grey list, saying, "The FATF has reached the decision that our country has completed all items of the Action Plan created to further strengthen the system for combating money laundering and terrorist financing. Thus, the final stage has been reached in the process of our country's exit from the grey list. In accordance with the procedure, the evaluation report to be prepared following the visit to be made to Turkey by the FATF team will be discussed at the General Assembly meeting in June, and the grey list decision regarding our country is expected to be lifted at this meeting."

'TECHNICAL WORK COMPLETED'

Providing information that the technical work to exit the grey list has been successfully completed, Treasury Minister Mehmet Şimşek pointed out that the stage reached is the result of intensive work carried out by all relevant institutions and organizations, primarily the Ministries of Justice, Interior, and Foreign Affairs, under the coordination of the Financial Crimes Investigation Board (MASAK), and used the expression, "I would like to thank the representatives of all our institutions and organizations, especially MASAK, who contributed to achieving this successful result."

WHY WAS TURKEY PLACED ON THE GREY LIST?

The FATF placed Turkey on the grey list in October 2021 on the grounds that it had deficiencies in preventing money laundering and the financing of terrorism. As a result of the evaluations made last year, it was decided that the status of remaining on the grey list would continue.

News Source: 12punto