The FATF had previously found Turkish sectors like banking and property vulnerable to illicit financing of groups like the Islamic State and al-Qaeda.
The Financial Action Task Force removed Turkey from its "gray list" of countries that need special monitoring, handing a major vote of confidence to the country in the midst of its economic turnaround efforts.
"The FATF welcomes Türkiye's significant progress in improving its AML/CFT regime," the Paris-based organization wrote in its latest report, using the Turkish government's spelling of its country's name and the acronym for anti-money laundering and combating the financing of terrorism. The FATF in its 2021 report had found sectors like banking, construction and property in Turkey vulnerable to illicit financing of United Nations-sanctioned groups like the Islamic State and al-Qaeda.
The FATF's announcement will likely come as a boost to Turkey's economic turnaround efforts after years of high inflation, a depreciating local currency and inconsistent foreign investment levels.
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