Financial Crime World

Turkey’s Financial Crime Crackdown: Understanding MASAK’s Role

Introduction

In an effort to combat financial crimes, Turkey has established the Financial Crimes Investigation Board (MASAK), a specialized unit tasked with preventing and investigating money laundering. As part of the Ministry of Finance and Treasury, MASAK plays a crucial role in shaping policy, implementing laws, and coordinating efforts between relevant institutions.

History of MASAK

Established in 1996, MASAK’s origins date back to the passage of Law No. 4208 on the Prevention of Money Laundering, which marked the beginning of its operations in 1997. Since then, the board has undergone several changes, with the most significant overhaul occurring with the introduction of Law No. 5549 on Prevention of Laundering Proceeds of Crime in 2006.

Objectives and Responsibilities

MASAK’s primary objectives include:

  • Conducting research on money laundering
  • Developing measures to prevent it
  • Processing collected information for submission to relevant authorities

To achieve these goals, the board contributes to policy development, prepares draft laws and regulations, and ensures coordination between various institutions. Some of its key responsibilities include:

  • Research and Analysis: Conducting studies on money laundering trends, identifying vulnerabilities in the financial system, and developing strategies to combat this complex issue.
  • Policy Development: Contributing to the development of policies and laws related to anti-money laundering (AML) and combating the financing of terrorism (CFT).
  • Coordination and Collaboration: Ensuring effective coordination between relevant institutions, including law enforcement agencies, financial institutions, and regulatory bodies.

Role in Combating Financial Crimes

As Turkey continues to grapple with financial crimes, MASAK remains at the forefront of efforts to combat this menace. With its expertise and resources, the board plays a vital role in safeguarding the country’s financial system and protecting the integrity of its economy.