Turkey is preparing new legislation covering crypto-assets in a bid to persuade the international crime watchdog to remove it from its “grey list” of countries that have taken inadequate action to prevent money laundering and terrorist financing.
The Financial Action Task Force (FATF) downgraded Turkey to the so-called gray list in 2021. Addressing a parliamentary commission late Tuesday, Finance Minister Mehmet Simsek said a FATF report found Turkey fully complied with all but one of the watchdog’s 40 standards.
“The only remaining issue within the scope of technical compliance is actions related to crypto assets,” Simsek said.
“We will submit a law proposal on crypto-assets to parliament as soon as possible. After that, if there are no other political considerations, there will be no reason for Turkey to remain on that gray list.”
Simsek did not provide any further details about the planned legal changes.
The FATF, established by the G7 group of advanced economies to protect the global financial system, warned Turkey in 2019 about “serious shortcomings”, including the need to improve measures to freeze assets linked to terrorism and the proliferation of weapons of mass destruction. Had given.
