Treasury and Finance Minister Mehmet Şimşek will travel to Singapore later this month to attend a meeting of the Financial Action Task Force (FATF), a source said on Wednesday, as the global financial crimes watchdog is expected to announce a decision on whether to remove Türkiye from its "grey list."

Officials have repeatedly affirmed that Türkiye has completed necessary studies and the government is optimistic that the country will be delisted from the list, which includes countries the watchdog suggests have taken insufficient action to prevent money laundering and terrorist financing.

Not upgrading Türkiye would amount to a political decision, Vice President Cevdet Yılmaz said last month.

A team from the FATF, set up by the G-7 to protect the global financial system, recently held meetings with Turkish authorities to assess progress in curbing the money laundering and terrorist financing concerns that prompted its downgrade in 2021.

Şimşek will lead a delegation attending the FATF Plenary and Working Group Meetings, the Treasury source told Reuters. The decision on Türkiye's potential removal from the "gray list" is expected on June 28.

"I think we will be taken off the FATF gray list in June. If we are not, I believe this will be due to political reasons, not technical reasons," Yılmaz said last month.

"From a technical aspect, I believe there are no obstacles left. I think Türkiye fully meets the technical criteria," he added.

In its last statement on Türkiye in February, the FATF said it made an initial determination that the country "has substantially completed its action plan" and warranted an on-site assessment.

Şimşek said last week that technical studies, which would ensure the country's removal, have been completed, an on-site inspection has been conducted and the technical report is positive.

"We are committed to combating money laundering and terrorist financing," he emphasized.

In November, Şimşek said the country fully complies with all but one of the watchdog's 40 standards. That included technical compliance related to cryptocurrency assets.

Last month, the ruling Justice and Development Party (AK Party) submitted the draft law to Parliament, which will bring crypto assets within the scope of the capital markets law.

Research shows an upgrade could lead to more foreign direct investment (FDI).