Turkey’s resource inflow to increase after removal from FATF grey list

(MENAFN) The removal of Türkiye from the Financial Action Task Force's (FATF) grey list is expected to accelerate the inflow of resources into the country, according to Mehmet Şimşek, the treasury and finance minister. Speaking on a TV program, Şimşek highlighted that Türkiye's current influx of resources is already robust, noting that gross reserves have reached a record high of approximately USD147-148 billion.

Türkiye had been on the FATF's grey list since October 2019, a designation that monitors countries with deficiencies in anti-money laundering and counter-terrorist financing measures. Following Türkiye's removal from the list last week, Şimşek emphasized that while it's challenging to exit the list once listed, Türkiye's efforts were successful, with unanimous support from FATF members.

Şimşek underscored the significance of Türkiye's exit, highlighting the meetings held with various Turkish ministers and President Recep Tayyip Erdoğan's support to demonstrate Türkiye’s prestige and the reliability of its financial systems. He noted widespread international support for Türkiye's removal from the grey list, including encouraging remarks from representatives of other countries, including Greece.

Looking ahead, Şimşek emphasized Türkiye's commitment to enhancing its administrative and technical capacities in combating financial crimes. He emphasized the implementation of a risk-oriented model and the integration of artificial intelligence to safeguard against potential abuses of the financial system in Türkiye's geopolitically sensitive region.

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