Turkey is close to full compliance with all AML criteria

10.08.2023 In the next report of the Financial Action Task Force on Money Laundering (FATF) on Turkey, five recommendations on combating money laundering (AML) have been transferred from the category of partially compliant or non-compliant to the category of fully or substantially compliant.

As a result of the latest report on the implementation of FATF recommendations, there is now not a single recommendation for which Turkey would not meet the requirements. It partially complies only with Recommendation 15, which mainly concerns the regulation of virtual assets. So far, few other jurisdictions comply with this recommendation, as it has been revised recently due to rapid technological progress.

The report was prepared at the right time for Turkey, because only last month at the FATF delegates' plenary meeting it was noted that all the deadlines set in its action plan to remedy the situation had already expired, and it was asked to improve the situation "as soon as possible". However, the report does not address the question of what progress Turkey has made in improving the effectiveness of its AML/CFT regime. The country will report to the FATF on the progress made in improving the implementation of AML/CFT measures during the next round of mutual assessment.

Link to source: https://www.fatf-gafi.org/content/fatf- gafi/en/publications/Mutualevaluations/turkiye-fur-2023.html