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Turkey’s Removal from the Grey List and Its Economic Impacts

Turkey’s Removal from the Grey List and Its Economic Impacts

June 23, 2024

Turkey has been removed from the Financial Action Task Force (FATF) grey list, signifying a renewed confirmation of Turkey’s reliability and stability within the international financial system. Experts emphasize that this removal will lead to an increase in investor inflows.

FATF General Assembly and Turkey's Efforts

The FATF General Assembly, held between June 23-28, 2024, under Singapore’s presidency, announced that both Turkey and Jamaica were removed from the grey list. This decision is a result of Turkey’s efforts in combating money laundering and terrorism financing. Treasury and Finance Minister Mehmet Şimşek announced this achievement with the message “We succeeded.” Vice President Cevdet Yılmaz stated that the confidence of international investors in Turkey has strengthened.

Possible Effects on the Economy and Investor Expectations

The removal from the grey list will positively impact the economy. Investor interest in Turkey will increase, global trade relations will strengthen, and capital flow will accelerate. This will increase demand for Turkish lira assets, positively affecting the fight against inflation. Trade Minister Ömer Bolat highlighted that this development reinforces Turkey’s international credibility and economic stability.

Lex Legal's Predictions and Effects on Visa Processes

As Lex Legal, we are closely following the impact of Turkey’s removal from the grey list on visa processes in the United Kingdom. We expect this development to yield positive outcomes, especially in tourism, work, and investment visa categories for the Turkish citizens. For detailed information and updates, please follow us.