Turkey has announced plans to toughen its stance on cryptocurrencies in an attempt to see the country removed from an international ‘grey list’ of countries that have been identified as taking insufficient action to tackle money laundering and terrorist financing.
The announcement was made by the country’s finance minister, Mehmet Simsek, in a statement on Tuesday.
The minister said that the Financial Action Task Force’s (FATF’s) downgrade of Turkey to a grey list in 2021 was due to failing on just one of the 40 standards set out by the watchdog – the rule surrounding crypto.
The FATF was set up by the G7 to protect the global financial system from money laundering and terrorist funding. In 2019, it warned Turkey that the country needed to improve its measures to freeze assets linked to terrorist activities and weapons of mass destruction proliferation.
Simek said that the country would amend its position on crypto to satisfy the FATF’s concerns, but did not reveal further details on the planned legal changes.
He said: "The only remaining issue within the scope of technical compliance is the work related to crypto assets.
"We will submit a law proposal on crypto-assets to the parliament as soon as possible. After that, there will be no reason for Turkey to stay in that grey list, if there are no other political considerations."
Latest News
-
HSBC launches payments management tool for businesses planning international growth
-
NatWest launches advent calendar to highlight festive purchase scam risks
-
Starling Bank poaches Adeel Hyder from TSB
-
HSBC sustainability chief quits amid strategic shifts
-
MPs publish damning report calling FCA 'incompetent' and 'dishonest'
-
BNY introduces new buy-side platform
The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.
Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.
Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.
From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories