Turkey Entered Gray List in Fight Against Black Money

Turkey was recently graylisted by the International Financial Action Task Force for combating money laundering and terrorist financing. So what does this decision mean?

within the Organization for Economic Co-operation and Development (OECD). Financial Action Task Force (FATF) recently made a striking decision about Turkey. FARF announced that Turkey has been placed on the gray list, which requires ‘stricter monitoring’, on the grounds that it lacks in preventing money laundering and terrorist financing.

The decision to add Turkey to the gray list, which is one of the new decisions announced at the press conference, was a decision that has been expected since yesterday. FATF emphasized that Turkey had some shortcomings in these areas in the most recent assessment made in 2019. Today, Turkey is on the gray list due to these shortcomings. With this decision, Turkey It will be subject to monitoring by the International Cooperation Review Group.

What else does graylisting of Turkey mean?

According to a study conducted by the IMF in May, being included in the FATF’s gray list affects a country’s capital inflows.have a large and significant negative impact‘ he has. well on attracting foreign investors Turkey, which is having difficulties with this decision, it may get even more difficult.

Which countries are on the gray list?

Turkey, along with Jordan and Mali, are on the gray list, including countries such as Albania, Bahamas, Barbados, Cambodia, Ghana, Iceland, Jamaica, Mongolia, Myanmar, Pakistan, Nicaragua, Panama, Syria, Uganda, Yemen and Zimbabwe.

So what is FATF?

fatf

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FATF, to which Turkey became a member on September 24, 1991, is a member of the FATF in terms of the developments in the prevention of money laundering and terrorist financing. periodically monitors and evaluates.

Source :
https://www.dunya.com/ekonomi/fatf-turkiyeyi-gri-listeye-aldi-haberi-637345


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