Turkey is taking steps to propose fresh legislation concerning cryptocurrency assets as part of its efforts to address anti-money laundering (AML) concerns.
The country is seeking to remove itself from the Financial Action Task Force’s (FATF) “grey list” of nations with inadequate AML measures.
Mehmet Simsek, the Finance Minister of Turkey, recently stated that “work related to crypto assets” remains one of the few outstanding issues the country needs to resolve to align with FATF standards.
This comes after Turkey was downgraded to the FATF’s gray list in 2021 for not fully combating money laundering and the financing of terrorism.
To achieve FATF compliance, Simsek confirmed that the Turkish government plans to present a proposal on crypto assets to the country’s parliament as soon as possible.
This legislative move aims to bolster anti-money laundering efforts and bring Turkey in line with international standards.
Turkey faces specific challenges due to its geographical location. It is considered to be at greater risk of money laundering associated with activities such as drug trafficking, migrant smuggling, human trafficking, and fuel smuggling.
The country also encounters significant threats related to terrorist financing, both at the national and international levels, according to the FATF.
