Turkish Finance Minister Mehmet Şimşek announced on Friday that Türkiye has been removed from the Financial Action Task Force (FATF) "grey list," which includes countries requiring increased scrutiny.

Şimşek shared the news on his social media account, proudly stating, "We succeeded."

Türkiye was placed on the FATF grey list in 2021 due to concerns about its regulatory framework. However, the country has since met all 40 standards set by the FATF, particularly through the adoption of cryptocurrency regulation in Parliament. This compliance has led to Türkiye's removal from the list.

Türkiye's exit from the FATF grey list is expected to bring a wave of positive developments for the nation's economy. International investment funds, previously restricted by regulations, can now invest in Türkiye, injecting much-needed capital and fueling economic growth. Additionally, the removal streamlines cross-border transactions, paving the way for smoother and more extensive international trade and financial activity. Finally, improved access to loans from international institutions strengthens Türkiye's financial standing and unlocks its development potential.

Minister Şimşek, who was in Singapore for the FATF meeting, expressed his satisfaction with the decision, emphasizing that Türkiye's efforts to comply with international financial standards have been recognized and rewarded.

This milestone marks a positive turn for Türkiye's financial and economic landscape, opening doors for greater international investment and economic collaboration. (ILKHA)