FATF removes Turkey from money laundering list

The FATF had previously found Turkish sectors like banking and property vulnerable to illicit financing of groups like the Islamic State and al-Qaeda.

The Financial Action Task Force, an international watchdog organization dedicated to combating money laundering and illicit cash flows, on Friday removed Turkey from its “gray list” of countries that need special monitoring, handing a major vote of confidence to the country in the midst of its economic turnaround efforts.

“The FATF welcomes Türkiye’s significant progress in improving its AML/CFT regime,” the Paris-based organization wrote in its latest report, using the Turkish government’s spelling of its country’s name and the acronym for anti-money laundering and combating the financing of terrorism.

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