Finance Minister Şimşek States Turkey will Devote Itself to the Prevention of Money Laundering

Deputy Treasury and Finance Minister Mehmet Şimşek stated that Türkiye would counter terrorist financing and money laundering, adding that it should be removed from the Financial Action Task Force’s gray list.

In a statement, Treasury and Finance Minister Mehmet Şimşek vowed that the Turkish government would combat global money laundering and terrorist financing. On Twitter, Şimşek wrote, referring to a recent FATF report, “Türkiye now only has one recommendation left rated Partially Compliant out of 40 recommendations. In other words, we are compliant or largely compliant in 39 recommendations.”

According to a new FATF follow-up report released on July 20th, Turkish authorities have made significant progress against terrorist financing and money laundering. AML/CFT regime Türkiye has made positive strides towards improving its anti-money laundering and counter-terrorism financing programs.

A recent FATF report released in July stated, “The three follow-up reports and subsequent re-ratings since the 2019 assessment of Türkiye’s AML/CFT framework highlight the progress that Türkiye has made to strengthen its measures to combat money laundering and terrorist financing.”

Türkiye’s only one recommendation is marked Partially Compliant (PC), and none are marked Non-Compliant (NC). Among the FATF’s responsibilities is monitoring international counter-terrorism financing and money laundering. As part of this, it evaluates whether countries are taking effective actions against money laundering and terrorism funding. It also promotes global standards to mitigate these risks.

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