Turkey is unlikely to return to the “grey list” of jurisdictions that don’t do enough to fight money laundering.
The Financial Action Task Force of FATF is in the final stage of its fifth-round evaluation and Osman Dereli, the former head of the Financial Crimes Investigation Board (MASAK), says the risk of Turkey returning to the 'grey list' is very low.
The evaluation process, which began in November 2025, examines Turkey’s effectiveness in combating money laundering and terrorist financing. A team of international experts recently conducted on-site visits. They met with various public institutions, banks, and crypto asset service providers to see how regulations work in practice.
SIGNIFICANT PROGRESS
Turkey has a complex history with the global watchdog. Turkey was placed on the FATF grey list twice: first in 2011 because it failed to deliver on its commitment to pass a law to fight the financing of terrorism, and a second time in 2021 due to falling behind in the fight against money laundering and the financing of terrorism, specifically deficiencies in regulating crypto-asset providers and the oversight of politically exposed persons. However, after a series of intensive reforms, Turkey was removed from the list in February 2024.
Since the last review, Turkey has significantly strengthened its legal framework, according to Dereli. MASAK’s authorities were expanded, and administrative fines were increased. New judicial desks were also established to specifically investigate the laundering of criminal proceeds. Under current technical standards, Turkey has corrected almost all previous non-compliance issues.
Turkey’s crackdown on several large-scale businesses in the second half of 2025 was also seen as linked to such efforts. The surge of high-profile financial operations targeting billions of dollars in black money and implicating individuals, even close to the AKP government, was associated with the international review by the FATF, economy journalists reported at the time.
Experts note that the FATF now prioritizes 'sustainable effectiveness' over just having laws on paper.
FINAL DECISION EXPECTED IN JUNE
The composition of the current evaluation team is also seen as a positive sign. Unlike previous rounds dominated by Anglo-American experts, the new team includes specialists from legal systems more similar to Turkey’s.
The final report is not complete. But initial impressions from the meetings are reportedly positive. If no major deficiencies are found, Turkey is expected to maintain its clean status. The final decision regarding Turkey’s standing will be discussed and finalized during the FATF General Assembly in June.
