Turkey is taking steps to tighten its regulation on crypto-assets in order to combat money laundering and terrorist financing. The country’s Finance Minister, Mehmet Simsek, announced that the new legislation is aimed at persuading the Financial Action Task Force (FATF) to remove Turkey from its “grey list” status. Being on the grey list means that a jurisdiction is under increased monitoring for deficiencies in their regimes to counter financial malpractices. Turkey has been compliant with 39 out of the 40 standards set by the FATF, with the remaining issue being related to crypto-assets. The specifics of the impending legal changes have not been disclosed yet. Turkey’s financial systems were previously flagged by the FATF for “serious shortcomings” in 2019, including the need to improve methods of freezing assets connected to terrorism or weapons proliferation. The world will be closely watching Turkey’s actions as it works to rectify these gaps and potentially exit the FATF grey list.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇹🇷 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Mehmet Simsek |
| Companies | Financial Action Task Force (FATF), G7 |
| Currencies | None |
| Securities | None |
