Turkey is preparing new legislation related to crypto-assets to convince an international crime-fighting organisation to remove it from a “grey list” of countries that do not take sufficient measures to prevent money laundering and terrorist financing.

The Financial Action Task Force (FATF) downgraded Turkey to the so-called “grey list” in 2021. Speaking at a parliamentary committee meeting on Tuesday, Finance Minister Mehmet Simsek said that according to the FATF report, Turkey fully complies with all but one of the organisation’s 40 standards.

“We will submit the crypto-asset law proposal to parliament as soon as possible. After that, there will be no reason for Turkey to remain on this grey list, unless there are other political considerations.”

Simsek did not provide further details on the planned legislative changes.

FATF, set up by the G7 group of advanced economies to protect the global financial system, has warned Turkey of “serious shortcomings”, including the need to improve measures to freeze assets linked to terrorism and proliferation of weapons of mass destruction in 2019.