Turkey Meets it's Friend Pakistan in FATF Grey List

Bhuvanesh ChaudhariOct 22 2021

The Financial Action Task Force (FATF) has put Turkey on the grey list. This is because the FATF suspects that Turkey is doing what it can to address the financing of terrorism and counter-terrorism financing risks. The decision was made when the FATF Executive Committee met in Paris on November 20. It seems that this decision will not affect trade with Turkey or Turkish companies in general, but it is seen as a warning sign by many experts in the field.

The Financial Action Task Force (FATF) is an inter-governmental body whose purpose is to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. This has caused many people to worry about the future of the country. The Turkish government has started to take measures in order to solve this problem. The Turkish government has made it clear that it will not accept all anti-terror laws, which would limit freedoms and lead to an erosion of democratic principles. The Turkish government, therefore, has no choice but to take steps so that there is no erosion of democratic principles and freedoms in the country. Since 2012, Turkey has been trying to meet the requirements that are asked by FATF. After years of negotiations and preparation, Turkey was finally able to take part in FATF’s plenary meeting in Paris on October 3rd.

Turkey was one of the 33 countries that were named as a “grey list” country. This is the first time that Turkey will be on this list and not the blacklist. Now Turkey cannot take loans from big banks like The World Bank, maybe Turkey's dream project - Turkey Canal & Economic Zone would remain a dream

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