The international monetary crimes watchdog has mentioned that Türkiye has “substantially completed” the mandatory steps to be faraway from its “gray list,” because the nation’s finance minister mentioned the method has reached its last stage.
The Financial Action Task Force (FATF) downgraded Türkiye to the “gray list” in 2021. In November final yr, Treasury and Finance Minister Mehmet Şimşek mentioned the nation was absolutely compliant with all however one of many watchdog’s 40 requirements.
That included technical compliance associated to cryptocurrency property. This January, Türkiye introduced it had reached the ultimate part within the technical research of the authorized rules concerning crypto property.
Şimşek on Friday mentioned that the method to take away Türkiye from the FATF grey listing has reached its last stage.
His remarks got here after FATF mentioned the nation “has substantially completed” steps for its removing from the listing, together with international locations that it suggests have taken inadequate motion to forestall cash laundering and terrorist financing.
A press release careworn that Türkiye made a high-level political dedication to work with the power in October 2021 to strengthen the effectiveness of its Anti-Money Laundering (AML) and Counter Financing Terrorism (CFT) programs.
“At its February 2024 Plenary, the FATF made the initial determination that Türkiye has substantially completed its action plan and warrants an on-site assessment to verify the implementation of the AML/CFT reforms has begun and is being sustained, that the, and that the necessary political commitment remains in place to sustain implementation in the future,” mentioned the assertion.
“Türkiye has made key reforms, including (1) enhancing its approach to risk-based AML/CFT supervision; (2) taking steps to ensure sanctions for AML/CFT breaches and beneficial ownership requirements are dissuasive; (3) enhancing resources for its FIU (financial intelligence unit) and the use of financial intelligence produced; (4) undertaking more complex ML (money laundering) investigations and prosecutions in line with risks; (5) improving its asset recovery system; (6) prioritizing TF investigations, prosecutions and confiscations related to U.N.-designated groups; (7) enhancing its implementation of targeted financial sanctions for terrorism financing; and (8) enhancing outreach to a broad range of NPOs (non-profit organization) and taking steps to ensure that supervision of NPOs is risk-based and does not disrupt or discourage legitimate NPO activity, such as fundraising,” it added.
Şimşek careworn that the duty power determined that Türkiye had accomplished all of the objects of an motion plan meant to additional strengthen AFL and CFT programs.
“In accordance with the procedure, the evaluation report to be prepared by the FATF team following the visit to Türkiye will be discussed at the general assembly meeting in June and the gray list decision for our country is expected to be removed at this meeting,” he famous.
The level Türkiye has reached is the results of intensive work carried out by all related establishments and organizations, particularly the ministries of Justice, Interior and Foreign Affairs, below the coordination of the Financial Crimes Investigation Board (MASAK), Şimşek mentioned.
Source: www.dailysabah.com
