The Financial Action Task Force has removed Turkey from its “grey list” of countries that face tighter monitoring for money laundering and terrorism financing, citing “significant progress” in the country's fight against illicit actions in the sector.
The move is expected to boost investor confidence in Turkey's economy, which has been grappling with high inflation and pressure on its currency.
“Turkey strengthened the effectiveness of its AML/CFT [anti-money laundering and combating the financing of terrorism] regime to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in October 2021,” the Paris-based FATF said in a statement on Friday.
Turkey held discussions with the FATF last month to assess its strategy on dealing with illicit financial activity, after the global body that combats money laundering and terrorism financing in February said Ankara had “substantially completed its action plan”.
The country, however, “should continue to work with the FATF to sustain its improvements in its AML/CFT system, including by continuing to ensure its oversight of the NPO [non-profit organisation] sector is risk-based and in line with FATF standards”.
The move will support international investors' confidence in the country's financial system, Turkey's Vice President Cevdet Yilmaz said on X.
The decision will have “extremely positive consequences” for the financial sector, “accelerate international resource inflow and have a positive impact on borrowing costs”, he added.
The move could help improve Turkey's economic prospects and make it more attractive for foreign investment, agreed Rania Gule, a market analyst at XS.com.
“It would positively impact its standing and economic strategy by boosting its reputation, potentially increasing foreign direct investment, improving credit ratings, lowering borrowing costs and facilitating international trade,” she said.
Money laundering and terrorist financing are among the biggest problems in the financial world. Activities related to these crimes in one country can have seriously adverse effects across borders and sometimes have global ramifications, according to an International Monetary Fund report last year.
The FATF, an initiative of G7 economies, was set up in 1989 to lead the worldwide action to tackle money laundering and terrorism and proliferation financing.
The 39-member body sets international standards to ensure national authorities can effectively clamp down on funds linked to drug trafficking, illicit arms trade, cyber fraud and other serious crimes.
More than 200 countries and jurisdictions have committed to adopt the FATF’s standards and they are assessed with the help of nine associate member organisations and other global partners, such as the IMF and World Bank.
An estimated €715 billion ($765.7 billion) to €1.87 trillion of global GDP is tainted by money-laundering activities, representing 2 per cent to 5 per cent of total worldwide economic activity, according to data from Europol, the EU's law enforcement agency.
Getting off the FATF grey list was vital for Turkey, which is facing chronic inflation after years of President Recep Tayyip Erdogan's unorthodox policies. After winning the election last year, he installed a new team to stabilise the economy and control consumer prices.
However, inflation jumped to 75.45 per cent last month, the country's national statistics office reported this month, although Ankara expects the economy to improve steadily and inflation to drop to about 36 per cent by the end of this year.
The Turkish lira is among the worst performers of emerging market currencies tracked by Bloomberg.
On March 21, Turkey’s central bank delivered a surprise interest rate rise, increasing its benchmark rate to 50 per cent from 45 per cent, tightening monetary policy further to fight stubbornly high inflation.
In May, S&P Global Ratings upgraded Turkey's credit rating outlook, citing the government's strategy of taking a more balanced approach that was expected to generate confidence in its economy.
“Being on the grey list made it challenging for the Turkish government to attract foreign investment, particularly at a time when the country is already facing financial hardship and economic challenges,” Ms Gule said.
On Friday, the FATF also removed Jamaica from its grey list, citing progress in the Caribbean island nation's fight against money laundering.
“Jamaica strengthened the effectiveness of its AML/CFT regime to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in February 2020,” the FATF said.
More on Quran memorisation:
Mohammed bin Zayed Majlis
Zayed Sustainability Prize
More on animal trafficking
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
Results
1. Mathieu van der Poel (NED) Alpecin-Fenix - 3:45:47
2. David Dekker (NED) Jumbo-Visma - same time
3. Michael Morkov (DEN) Deceuninck-QuickStep
4. Emils Liepins (LAT) Trek-Segafredo
5. Elia Viviani (ITA) Cofidis
6. Tadej Pogacar (SLO UAE Team Emirates
7. Anthony Roux (FRA) Groupama-FDJ
8. Chris Harper (AUS) Jumbo-Visma - 0:00:03
9. Joao Almeida (POR) Deceuninck-QuickStep
10. Fausto Masnada (ITA) Deceuninck-QuickStep
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
More coverage from the Future Forum
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Killing of Qassem Suleimani
More from Neighbourhood Watch:
KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
More on animal trafficking
The five pillars of Islam
Mohammed bin Zayed Majlis
More from Neighbourhood Watch:
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
More from Neighbourhood Watch:
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
More on animal trafficking
more from Janine di Giovanni
UAE currency: the story behind the money in your pockets
Zayed Sustainability Prize
Killing of Qassem Suleimani
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
EA%20Sports%20FC%2024
%3Cp%3EDeveloper%3A%20EA%20Vancouver%2C%20EA%20Romania%3Cbr%3EPublisher%3A%20EA%20Sports%3Cbr%3EConsoles%3A%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20One%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
The years Ramadan fell in May
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE NEW BATCH'S FOCUS SECTORS
AiFlux – renewables, oil and gas
DevisionX – manufacturing
Event Gates – security and manufacturing
Farmdar – agriculture
Farmin – smart cities
Greener Crop – agriculture
Ipera.ai – space digitisation
Lune Technologies – fibre-optics
Monak – delivery
NutzenTech – environment
Nybl – machine learning
Occicor – shelf management
Olymon Solutions – smart automation
Pivony – user-generated data
PowerDev – energy big data
Sav – finance
Searover – renewables
Swftbox – delivery
Trade Capital Partners – FinTech
Valorafutbol – sports and entertainment
Workfam – employee engagement
More on Quran memorisation:
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A
CABINET%20OF%20CURIOSITIES%20EPISODE%201%3A%20LOT%2036
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EGuillermo%20del%20Toro%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tim%20Blake%20Nelson%2C%20Sebastian%20Roche%2C%20Elpidia%20Carrillo%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
KILLING OF QASSEM SULEIMANI
