Turkey will remain on the FATF's 'grey list' for another year, despite some improvements in its anti-money laundering measures.
Ankara will remain "in enhanced follow-up" and will report to the FATF on progress made in improving the implementation of its AML/CFT measures in June 2023, according to the FATF.
Turkey had taken a number of steps to strengthen its framework, but not enough to get off the so-called "grey list," according to the task force.
Turkey has updated the FATF on its actions since its mutual evaluation and follow-up report. As a result, the agency has lowered the country's rating to:
- On DNFPBs, from compliant to partially compliant
- Legal person transparency and beneficial ownership – from partially compliant to largely compliant
- Legal arrangement transparency and beneficial ownership – from partially compliant to largely compliant
Turkey has also been found to be in compliance with 12 of the 40 Recommendations, with 22 of them being largely in compliance. It is partially compliant with four recommendations and non-compliant with two others.
By fLEXI tEAM