Muhammad Daoud, head of industry practices at Moody’s, the credit rating agency, confirmed that removing Turkey from the gray list to prevent money laundering will lead to increasing Turkey’s reputation at the international level and enhancing foreign investments and relations with European and American institutions.
Daoud said in a note on Friday that Turkey’s removal from the Financial Action Task Force (FATF) gray list indicates the significant progress made by the government and various economic sectors in strengthening their fight against money laundering and terrorist financing.
He added: “It is expected that this development will increase Turkey’s reputation at the international level, and will likely enhance foreign investments and relations with European and American institutions.”
The General Assembly of the Financial Action Task Force (FATF) decided on Friday to remove Turkey from the gray list to prevent money laundering, with the conclusion of its work in Singapore, which holds the rotating presidency.
According to the OECD statement, the FATF General Assembly removed Turkey and Jamaica from the “intensive monitoring process” called the “gray list.”
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The General Assembly congratulated Turkey and Jamaica on the progress they had made in addressing the strategic deficiencies in the area of combating money laundering and combating the financing of terrorism previously identified during mutual assessments.
It decided that Turkey and Jamaica “will no longer be subject to the intense monitoring process carried out by the FATF.”
The week-long FATF General Assembly meetings were attended by delegates representing more than 200 governments and oversight organizations, including the United Nations, the World Bank, the International Monetary Fund, Interpol and the Egmont Group of financial intelligence units.
The Financial Action Task Force is an intergovernmental organization headquartered in the French capital, Paris, and was established in 1989.
The group works to enact international standards to combat money laundering, terrorist financing, and the proliferation of weapons, and also evaluates the extent of countries’ compliance with those standards.
