urkey Aims to Revise Crypto-Asset Legislation for FATF Compliance
Turkey is taking steps to revise its crypto-assets regulations in a bid to persuade the Financial Action Task Force (FATF) to remove it from the "grey list" of countries that have been deemed lacking in their efforts to combat money laundering and terrorist financing.
In 2021, the FATF downgraded Turkey to the grey list. While addressing a parliamentary commission, Finance Minister Mehmet Simsek highlighted that a FATF report recognized Turkey's full compliance with 39 out of the watchdog's 40 standards. The remaining concern pertains to crypto assets.
Simsek emphasized the need for swift action, stating, "We will submit a law proposal on crypto-assets to the parliament as soon as possible. After that, there will be no reason for Turkey to stay in that grey list, if there are no other political considerations."
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| Fighting Financial Crime: Turkey's Bid to Leave FATF's Grey List |
While specific details of the proposed legal changes were not disclosed, this move signals Turkey's commitment to addressing the FATF's concerns.
The FATF, originally established by the G7 to safeguard the global financial system, had previously raised issues related to "serious shortcomings" in Turkey's efforts, particularly regarding measures to freeze assets associated with terrorism and the proliferation of weapons of mass destruction in 2019.
Turkey's determination to address these concerns demonstrates its commitment to international standards in combating illicit financial activities, potentially securing its removal from the grey list.