Former Financial Action Task Force President Juan Manuel Vega-Serrano recently spoke during a panel discussion on financial inclusion at the 2016 Annual Meetings of the International Monetary Fund Headquarters and the World Bank Group. The international crime watchdog FATF has made a significant move by removing Turkey from its “grey list” of countries that require special scrutiny. Turkey was downgraded to the list in 2021 due to concerns about money laundering and terrorist financing. However, after assessing the progress made by Turkish authorities in addressing these issues, FATF declared that Turkey has made significant improvements in its anti-money laundering and terrorism financing regime.
This decision has been well received by Turkish officials, as it is expected to enhance the country’s international reputation and attract more foreign investment. The news had a positive impact on the Turkish financial markets, with the lira strengthening slightly against the dollar. The move is part of Turkey’s efforts to turn around its economy and boost investor confidence by implementing necessary reforms.
With Turkey’s removal from the “grey list,” there is optimism that foreign direct investment will increase, further supporting the country’s economic growth. The recent changes in economic policies have already started attracting more investor interest, showing a positive outlook for Turkey’s economy in the coming months.