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Turkey is gearing up to introduce new legislation addressing crypto-assets, with the goal of persuading the Financial Action Task Force (FATF) to remove it from the “grey list” of countries that have been deemed insufficiently active in combating money laundering and terrorist financing.
In 2021, the FATF downgraded Turkey to the “grey list.” During an address to a parliamentary commission on Tuesday, Finance Minister Mehmet Simsek revealed that a FATF report had found Turkey to be fully compliant with 39 out of the watchdog’s 40 standards, with the one remaining concern being related to crypto assets.
Simsek stated, “The only remaining issue within the scope of technical compliance is the work related to crypto assets.” He further announced that a proposal for new legislation on crypto-assets would be submitted to the parliament promptly. He expressed confidence that once these legal changes are implemented, Turkey would no longer have a reason to remain on the “grey list,” provided there are no other political considerations.
However, the finance minister did not provide specific details about the upcoming legal changes.
The FATF, established by the G7 group of advanced economies to safeguard the global financial system, had previously cautioned Turkey about “serious shortcomings.” These included the need to enhance measures for freezing assets linked to terrorism and the proliferation of weapons of mass destruction, dating back to 2019.
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