Turkey has made a high-level political commitment to work with the Financial Action Task Force to fight against money laundering and the financing of terrorism, Finance Minister Mehmet Simsek said yesterday. Simsek said in a statement that the task force, whose regulations came into effect in 2010, moved Turkey´s rating to the grey list from the dark grey list, resulting in a reduction in the cost and time of global financial transactions that would benefit business people in the country. Simsek also said, "Most importantly, Turkey's predictability in the international financial system has strengthened, and Turkey´s efforts will continue toward full compliance with the FATF."

Turkey has made a high-level political commitment to work with the Financial Action Task Force to fight against money laundering and the financing of terrorism, the country's finance minister said on Tuesday.

Mehmet Şimşek said in a statement that the task force, whose regulations came into effect in 2010, moved Turkey's rating to the grey list from the dark grey list, resulting in a reduction in the cost and time of global financial transactions that would benefit business people in the country. Şimşek also said, "Most importantly, Turkey's predictability in the international financial system has strengthened, and Turkey's efforts will continue towards full compliance with the FATF." The minister added that Turkey would take its rightful place very soon among the Task Force member countries. Last Thursday, the FATF praised Turkey's progress in improving its Countering of Financing of Terrorism (CFT) regime and said an on-site visit will be conducted to confirm that the process has been implemented.

The FATF is an international body that was established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.