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TURKEY: Turkey Taken Off Global Watchdog's ‘Gray List’

TURKEY
  • The Financial Action Task Force (FATF) said Friday that Turkey is no longer on the list of countries subject to increased monitoring after improving its mechanisms for tackling money laundering and terrorist financing, Bloomberg report.
  • The FATF said Turkey addressed deficiencies by “applying dissuasive sanctions” for anti-money laundering and terrorism financing breaches and “undertaking more complex money laundering investigations and prosecution,” among other steps.
  • The decision is in-line with expectations. Bloomberg had reported at the end of May that Turkey was poised to be removed from the “gray list” as early as this month following its moves to curb illicit money flows.

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