FATF General Assembly in Singapore removes Turkey from 'grey list'
Date
6/30/2024 9:35:16 AM
(MENAFN) During the sixth General Assembly of the Financial Action Task Force (FATF) held in Singapore from June 23 to 28, significant developments were announced regarding Turkey's status on the global financial stage. The FATF General Assembly officially removed Turkey from its "grey list," a monitoring process aimed at preventing money laundering and countering the financing of terrorism.
This decision, also affecting Jamaica, marks a substantial milestone for both countries, recognizing their substantial progress in addressing strategic deficiencies identified in previous evaluations of their anti-money laundering and counter-terrorism financing frameworks. The FATF General Assembly commended Turkey and Jamaica for their dedicated efforts in implementing reforms and meeting the required standards.
Following the decision, Turkey and Jamaica will no longer be subject to the intensified scrutiny and monitoring process imposed by the FATF. This move signifies international acknowledgment of their enhanced capabilities in combating financial crimes and ensuring robust financial integrity measures.
The week-long General Assembly sessions convened delegates representing over 200 governments and oversight bodies, including influential organizations such as the United Nations, the World Bank, the International Monetary Fund (IMF), Interpol, and the Egmont Group of financial intelligence units. The deliberations underscored the global commitment to strengthening global financial systems against illicit financial activities through cooperative efforts and adherence to international standards set by the FATF.
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