1. Are there any sanctions imposed against Turkey?
There are no sanctions imposed on Turkey.
2. What are the regulated institutions in Turkey?
Banks, finance companies, payment companies, private practice lawyers, public notaries, money transfer companies, Precious metals intermediaries, asset management companies, factoring companies, ınvestment partnerships, sports clubs, and lending companies are entities obliged to comply with money laundering prevention regulations.
3. Who are the local regulatory authorities in Turkey, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
Ministry of National Defence, Turkish Atomic Energy Authority, Ministry of Economy, Istanbul General Secretariat of Mining and Exporters Union are regulatory authorities in Turkey. The Financial Crimes Investigation Board (MASAK), which reports directly to the Minister of Economy, checks whether the obliged parties meet the requirements of AML regulations.
4. What is the status of Turkey's FATF?
Turkey is the member state obliged to comply with the FATF Recommendations. Turkey is not the FATF List of Countries that have been identified as having strategic AML deficiencies. The last Mutual Evaluation Report on the implementation of the Anti-Money Laundering standards in Turkey was held in 2019. According to Evaluation, Turkey was deemed Compliant for 11 and Largely Compliant for 17 of the FATF 40 Recommendations. It was also considered Highly Effective for 0 and Largely Effective for 2, in terms of 11 Efficacy domains of the AML / CFT Regime.
5. What is the timeout for money laundering crimes in Turkey?
Time limitation is a criminal law that causes the penalty case to be dropped if a lawsuit has not been filed after a certain period of time since the date of the crime or if the lawsuit has not been concluded within the legal period. The usual statute of limitations is 15 years in trials for laundering assets/revenues from Turkey's crime.
6. Which global regulations Turkey have to comply with?
Turkey, the FATF for the fight against financial crime, the United Nations is moving with the European Union and various international organizations. In addition, although not an EU member Turkey, as a candidate country has adopted anti-money laundering legislation in accordance with developments in the EU Directive.
7. What are the most popular crimes related to money laundering in Turkey?
Drug smuggling, arms smuggling, bribery, corruption, forgery of official documents, customs smuggling, organ and tissue smuggling, historical artifact smuggling, crimes related to counterfeit bills, qualified fraud.
8. What are the AML obligations of the businesses in Turkey?
Customer identification, suspicious transaction reporting, periodically reporting, retaining and submitting, providing information and documents, electronic notification, training, internal control, risk management systems, and other measures.
9. What are the local AML laws and regulations in Turkey?
Law No. 5549 on the Prevention of the Laundering of the Proceeds of Crime, Money Laundering Regulation, Turkish Criminal Law No.
5237, Turkish Criminal Procedure Law No. 5271, Misdemeanours Law No.
5326, Banking Law No. 5411. Apart from these laws in Turkey, several communiques regarding Anti-Money Laundering was published, for example: Financial Crimes Investigation Board General Communique No.
5, Financial Crimes Investigation Board General Communique No. 7, Financial Crimes Investigation Board General Communique No. 8, Financial Crimes Investigation Board General Communique No. 13.
10. What are the contact details of the relevant regulators in Turkey?
Ministry of National Defence
Devlet Mh. İsmet İnönü Bulvar, Milli Müdafa Caddesi, Pk: 06100, Bakanalıklar, Çankaya,
T: (+90) 312 402 3114
11. Are there any sanctions imposed against Turkey?
According to the first paragraph of Article 7 of Law No. 4208, those who commit money laundering offense are sentenced to imprisonment from two to five years and a heavy fine of twice the money laundered. In addition, the property and values within the scope of black money, including their income, and in the event that they cannot be seized, the corresponding property is confiscated.
12. Are violations of anti-money laundering obligations also subject to criminal sanctions?
Yes, MASAK imposes administrative fines on organizations that do not fulfill their anti-money laundering obligations in accordance with Article 13 of Law No. 5549.
13. What can obliged institutions do to prevent money laundering and to comply with AML regulations?
In order to reduce the risk of money laundering, obliged organizations need to know who their customers really are and identify their risks. There are Know Your Customer, Customer Due Diligence, Transaction Monitoring applications recommended by regulators in the regulations. Sanction Scanner enables financial institutions in Turkey to comply with Anti-Money Laundering laws locally and globally. Financial institutions meet AML requirements in customer recruitment processes with our AML Name Screening Software. Businesses can become compliant with MASAK regulations with Sanction Scanner solutions. You can contact us to get information about our AML solutions.