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The global financial crimes watchdog Financial Action Task Force (FATF) on Friday announced Türkiye's removal from its "grey list" in a significant boost to the Turkish economy.
"We have made it," Treasury and Finance Minister Mehmet Simsek wrote ahead of the announcement on the social media platform X, formerly Twitter.
Simsek is currently in Singapore to participate in the FATF Plenary and Working Group Meetings.
A move to delist Türkiye from this category, which includes countries and territories requiring heightened scrutiny, would be a significant boost to its economic recovery efforts following the FATF's downgrade of the country's status in 2021.
Government officials have consistently affirmed Türkiye's completion of necessary measures, expressing optimism about the country's removal from the list. The "grey list" identifies nations that the watchdog believes have not taken sufficient steps to combat money laundering and terrorist financing.
In a February statement, the FATF noted that Türkiye "has substantially completed its action plan" and recommended an on-site assessment. Simsek later confirmed in February that Türkiye had "successfully completed technical studies to remove our country from the grey list."
FATF added: Türkiye has made key reforms, including:
Recently, a FATF team, established by the G-7 to safeguard the global financial system, conducted meetings with Turkish authorities to evaluate progress in addressing concerns related to money laundering and terrorist financing that led to Türkiye's downgrade.
A positive outcome and removal from the list could potentially strengthen the Turkish lira and bolster asset markets. Studies indicate that an upgrade could also attract increased foreign direct investment.
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