Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 58

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 58
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-terrorist and proliferation
financing practices are under increased monitoring, commonly referred to as the “ FATF grey list”. When the FATF places a jurisdiction
under increased monitoring, it means the country has committed to swiftly resolving the identified strategic deficiencies within agreed
timeframes and is subject to increased monitoring during that timeframe. It is unclear what ramifications, if any, the designation will
have for us.

In June 2023, the FATF confirmed that the Cayman
Islands had satisfied all FATF recommended actions, recognizing that the jurisdiction has a robust and effective anti-money laundering/counter-terrorist
financing regime. In October 2023, the Cayman Islands was removed from the FATF grey list after demonstrating that all remaining recommended
actions were addressed, but we have no assurance that the Cayman Islands, just like any other jurisdiction, will not be added back to
the FATF grey list in the future.

On March 13, 2022, the European Commission
(“ EC”) updated its list of ‘high-risk third countries’ (the “ EU AML List”) identified as having
strategic deficiencies in their anti-money laundering/counter-terrorist financing regimes. The EC noted it was committed to greater
alignment with the FATF listing process and the addition of the Cayman Islands to the EU AML List was a direct result of the
inclusion of the Cayman Islands on the FATF grey list in February 2021. Following the removal from the FATF grey list, in January
2024, the Cayman Islands was removed from the EU AML List, but we have no assurance that the Cayman Islands, just like any other
jurisdiction, will not be added back to the EU AML List.

We may be subject to fines and the loss
of certain tax advantages as a result of investigations by the Turkish customs authority (the “ Customs Authority”).

In January 2022, the Customs Authority began investigating
the importation of scooters and e-bikes into Türkiye. As a result of this investigation, we reviewed our import practices and voluntarily
decided to amend the import tax product codes for separately imported parts, applying the higher import tax product code for scooters
and e-bikes. This amendment resulted in an additional import tax charge of $1.7 million and a fine of $0.6 million. We paid $1.4 million
of the import tax charge and $0.5 million of such fine in