Finance watchdog visited Turkey ahead of 'grey list' decision, sources say

The "on-site" visit, which was not publicised, assessed Turkey's progress in curbing the money laundering and terrorist financing concerns that prompted the downgrade in 2021, said one of the people familiar with the multi-day visit. The person said that the team's report will form the basis of the FATF's decision at a June 28 plenary, which Finance Minister Mehmet Simsek has signalled will mark Turkey's departure from the grey list of countries under special scrutiny.

A team from the Financial Action Task Force, an international crime watchdog that "grey-listed" Turkey in 2021, held meetings with Turkish authorities last week ahead of its highly-anticipated report on the country next month, two sources said. The "on-site" visit, which was not publicised, assessed Turkey's progress in curbing the money laundering and terrorist financing concerns that prompted the downgrade in 2021, said one of the people familiar with the multi-day visit.

The person said that the team's report will form the basis of the FATF's decision at a June 28 plenary, which Finance Minister Mehmet Simsek has signalled will mark Turkey's departure from the grey list of countries under special scrutiny. Turkey's Treasury and central bank did not immediately respond to requests for comment on the matter.

In its last statement on Turkey, in February, the FATF said it made an initial determination that the country "has substantially completed its action plan" and warrants an on-site assessment.

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