Financial Crime World

Here is the article rewritten in markdown format with proper headings, subheadings, and bullet points:

Economic Sanctions Laws and Regulations in Turkey

The provided text is a comprehensive guide to economic sanctions laws and regulations in Turkey. It covers various aspects of sanctions enforcement, including criminal penalties, civil penalties, government authorities responsible for investigation and prosecution, corporate and personal liability, maximum financial penalties, and the appeal process.

Key Points from the Guide

Criminal Penalties

Individuals who fail to comply with financial sanctions can be subject to:

  • Imprisonment from one year to three years
  • A judicial fine applied to the respective jail term
  • If these individuals have responsibility within legal entities, including directors or representatives or individuals acting on behalf of the legal entity:
    • Their failure to act shall subject the legal entity to an administrative fine from 10,000–2,000,000 TL

Civil Penalties

The Associations Law (Law No. 5253) prohibits individuals convicted from sanctions violations from serving on all organs of the association other than the general assembly. The Ministry of Interior has the power to remove individuals under investigation from their positions as director or a representative as a security measure.

Government Authorities

The following government authorities are responsible for investigating and prosecuting criminal economic sanctions offenses:

  • Ministry of Interior
  • MASAK (Presidency of Defence Industries’ Financial Crimes Unit)
  • Office of the public prosecutor

Corporate and Personal Liability

Legal entities shall be subject to administrative fines if the individual who fails to comply with a sanctions decision is a director or representative of such entity. Legal entities shall be subject to security measures in the event an individual who fails to comply with a sanctions decision acts within the scope of activity of the legal entity.

Statute of Limitations

The statute of limitations for levying administrative fines is five years from the date of violation of the obligations.

Conclusion

Overall, this guide provides a detailed overview of economic sanctions laws and regulations in Turkey, including criminal penalties, civil penalties, government authorities responsible for investigation and prosecution, corporate and personal liability, maximum financial penalties, and the appeal process.