Financial Crime World

Here is the converted article in Markdown format:

Compliance and Cybersecurity: The Uncharted Territory of Turkish Law

In an increasingly interconnected world, the importance of compliance and cybersecurity cannot be overstated. As a rapidly growing economy, Turkey has taken significant steps to ensure that its laws keep pace with the evolving landscape of international business and technology.

Compliance Programs

For obliged parties under the Regulation on the Compliance Programme regarding Obligations on the Prevention of Laundering of Crime Revenues, compliance programs are now mandatory. These programs aim to prevent money laundering and terrorist financing by ensuring that companies maintain effective internal controls and risk management systems.

  • The Turkish Competition Authority (TCA) has also recognized the importance of competition compliance programs, publishing a Guideline in 2013 to provide guidance for undertakings.
  • While there have been no instances where the TCA has accepted a competition compliance program as a mitigating factor, the initiative is seen as a crucial step towards promoting fair market practices.

Cybersecurity: A Growing Concern

In Turkey, cybersecurity is not regulated under an independent specific law, but rather falls under the purview of existing regulations. The Law on Personal Data Protection has brought greater attention to data breaches and their potential consequences for businesses.

  • The National Cyber Incident Response Centre and the Digital Transformation Office have published guidelines on measures to be taken to ensure information security.
  • Sector-specific regulations have been introduced in areas such as banking, capital markets, and e-commerce.

Cybercrime: A Growing Concern

Turkish law does not regulate cybercrime under an independent specific law, but rather addresses it through the Turkish Penal Code (TPC). The TPC sets out penalties for crimes related to unauthorized access to information technology systems, destruction of IT systems, deletion or alteration of data, and other cybersecurity-related offenses.

  • Turkey is a signatory to the Convention on Cybercrime, also known as the Budapest Convention, which was ratified in 2017.
  • This convention provides a framework for countries to cooperate in combating cybercrimes.

Jurisdiction: A Complex Issue

The issue of jurisdiction is complex in Turkish law. Article 252(9) of the TPC sets forth the bribery of foreign public officials in accordance with the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.

  • Turkish law also allows for the retrial of individuals who have been sentenced abroad for crimes committed in Turkey, as well as the prosecution of Turkish citizens who commit crimes abroad.
  • In cases where the crime is committed by a foreign citizen against a Turkish citizen or legal entity, prosecution can be initiated upon complaint by the damaged party.

Conclusion

As Turkey continues to grow and evolve as an economic powerhouse, it is crucial that its laws keep pace with the changing landscape of international business and technology. The importance of compliance and cybersecurity cannot be overstated, and Turkey’s efforts to address these issues are a vital step towards promoting fair market practices and ensuring the security of its citizens.

As the country navigates this uncharted territory, it is clear that Turkish law will continue to evolve and adapt to the changing needs of its people and businesses.