Turkey’s 'predictability' now proven, says minister

ANKARA - Anadolu Agency

Turkey’s economic predictability and stability have been proven by the latest decision of the Financial Action Task Force, Finance Minister Mehmet Şimşek said on Oct. 24. AA Photo

Turkey’s economic predictability and stability have been proven by the latest decision of the Financial Action Task Force (FATF) to remove Turkey from its follow-up process, Finance Minister Mehmet Şimşek said in a written statement Oct. 24.

The FTAF announced that it was removing Turkey from its follow-up process as Turkey had made significant progress in addressing deficiencies in its anti-money laundering and countering the financing of terrorism (AML/CFT) measures, it said Oct. 22 in a written statement.

The assessment team conducting the mutual evaluation rated Turkey non-compliant or partially compliant on five of six core recommendations and partially compliant on five out of 10 key recommendations. As a result of this lack of compliance, the FATF Plenary placed Turkey in a follow-up process.

“Since the adoption of the mutual evaluation report in 2007, Turkey has taken a number of important steps to strengthen its legal and regulatory framework. As a result of the progress, the FATF Plenary decided at its October 2014 Plenary meeting that Turkey had taken sufficient steps in addressing technical compliance with the core and key recommendations to be removed from the follow-up process,” the FATF stated.