ANKARA, Turkey — Turkey welcomed a decision Friday by an international watchdog to remove it from a so-called gray list of countries that have not fully implemented measures to fight money laundering and terrorism financing.

The announcement by the Financial Action Task Force in Singapore could bolster foreign investments in Turkey, which is trying to rebound from a deep economic downturn.

“We succeeded,” Turkish Finance Minister Mehmet Simsek wrote on X as the decision was being announced.

Being on the watchdog’s gray list can scare away investors and creditors, hurting exports, output and consumption. It also can make global banks wary of doing business with a country. — Associated Press