Turkey was officially removed from the grey list of the Paris-based Financial Action Task Force (FATF) on Friday, June 28. The decision was announced during the FATF plenary meeting in Singapore.
The country had been placed on the grey list in 2021 over concerns of money laundering and terror financing. This development is expected to improve Turkey’s investment prospects.
Turkish officials have expressed their contentment with the recent decision, viewing it as a favorable advancement in bolstering the nation's global reputation and potentially attracting new investments.
Turkish Finance Minister Mehmet Simsek took to X to share his satisfaction, stating, “We did it.” Turkish Vice President Cevdet Yilmaz also commented on X, emphasizing that international investors' confidence in Turkey's financial system has now been further reinforced. Yilmaz highlighted that being removed from the grey list will speed up international capital inflows and make Turkey's borrowing costs more appealing.
Additionally, he noted that the rise in interest in Turkish lira assets resulting from enhanced capital flows will help accelerate the disinflation process.