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TURKEY: Turkey Poised to be Removed from Financial Watchdog’s “Gray List”

TURKEY
  • Turkey is poised to be removed from a financial watchdog’s “gray list” as early as next month, Bloomberg report, adding that "An on-site visit by the Paris-based Financial Action Task Force earlier this month noted significant progress, according to people familiar with the matter". That means Turkey could come off the list of jurisdictions under increased monitoring on the final day of the FATF plenary in Singapore on June 28, though no final decisions have been made.
  • The decision is not entirely unexpected. Back in March, the Chairman of the FATF said that Turkey had taken important steps to be removed from the list. Meanwhile, Dunya wrote earlier in May that the removal of Turkey from the FATF gray list and improved sovereign ratings could further drive foreign capital inflow to Turkey.
  • USDTRY has recorded a modest bump lower on the headlines, though we are yet to print session lows. The Borsa Istanbul stock index pared its prior session losses of around 0.2%.
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