Turkey to propose fresh crypto asset legislation in line with FATF standards: report

Turkey is getting closer to proposing fresh legislation on crypto assets in an attempt to get itself removed from the Financial Action Task Force’s “grey list” of countries with insufficient anti-money laundering restrictions, its finance minister said.

Reuters reported today that Mehmet Simsek, the country’s Finance Minister, told a parliamentary commission on Tuesday that “work related to crypto assets” is among the last remaining issues to be resolved for the country to become fully compliant with the FATF’s standards. 

Simasek’s comment came after the FATF downgraded the nation in 2021 to a grey list of countries that failed to fully combat money laundering and financing of terrorism.

Simsek said that the government plans to submit a proposal on crypto assets to the parliament as soon as possible, according to the report.

“Due to its geographic location, the country faces the greatest money laundering risks from drug trafficking, migrant smuggling, human trafficking and fuel smuggling,” the FATF said on its website. “The country also faces significant terrorist financing risks from both national and international threats.”