Turkey removed from FATF money laundering ‘grey list’ in boost to standing

The international crime watchdog Financial Action Task Force removed Turkey from its “grey list” of countries that require special scrutiny on Friday, in a boost to the country’s economic turnaround plan.

Turkish officials welcomed the move, which is seen as improving its international standing and potentially drawing in fresh investment. There was little market reaction to the move, which was widely expected, with the lira firming slightly to 32.8845 against the dollar. Istanbul’s main share index was 0.5 per cent higher.

Turkey was put on the “grey list” in October 2021 for failing to supervise banking, real estate and other sectors vulnerable to money-laundering and to financing groups such as Islamic State and al Qaeda on the UN’s sanctions list.

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