Turkey welcomes removal from a key money-laundering watchlist, hoping to boost foreign investment
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$1 per week for 24 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $4.00 plus GST every four weeks. After 24 weeks, price increases to the regular rate of $19.00 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.75/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 28/06/2024 (490 days ago), so information in it may no longer be current.
ANKARA, Turkey (AP) — Turkey on Friday welcomed a decision by an international watchdog to remove it from a so-called “ gray list ” of countries that have not fully implemented measures to fight money laundering and terrorism financing.
The announcement by the Financial Action Task Force in Singapore could bolster foreign investments in Turkey, which is trying to rebound from a deep economic downturn.
“We succeeded,” Turkish Finance Minister Mehmet Simsek wrote on the social media platform X, as the decision was being announced.
Vice-President Cevdet Yilmaz said: “With this development, international investors’ confidence in our country’s financial system has become even stronger. The decision will have extremely positive consequences for the financial sector and the economy.”
Being on the watchdog’s gray list can scare away investors and creditors, hurting exports, output and consumption. It also can make global banks wary of doing business with a country.
FATF President T. Raja Kumar, who is finishing his two-year term, said Turkey was taken off the gray list because of the “substantial progress” that it has made.
Kumar said a FATF team visited Turkey in May and confirmed that the country had taken “substantive steps” to improve its anti-money laundering regime, addressing all the items in its action plan.
As examples he cited Turkey’s complex investigations into and prosecutions of money laundering and terrorist financing. Turkey was placed on the list in 2021.
“We will with determination continue our fight against organized crime organizations, the traffickers of poison (drugs), the immigrant smuggling rings, the money-laundering criminal groups, and especially against the financing of terrorism and of those traitors,” Turkey’s Interior Minister Ali Yerlikaya wrote on X.
Jamaica was also removed from the gray list, while Monaco and Venezuela were added, Kumar said. The United Arab Emirates was taken off the list earlier this year.