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EU Anti-Money Laundering Directives in Turkey: Strengthening Financial Crime Fight

The European Union has implemented a series of Anti-Money Laundering Directives (AMLDs) to combat financial crime and protect its financial system. These directives have been issued periodically by the European Parliament and must be implemented by Member States as part of their domestic legislation.

History of AMLD

Since 2015, the EU has adopted three AMLD:

  • 4th AMLD: Aimed to strengthen the EU’s defenses against money laundering and terrorist financing while aligning with international standards. It emphasized ultimate beneficial ownership and enhanced customer due diligence.
  • 5th AMLD: Tightened regulatory controls across more sectors, including virtual currency exchanges, estate agents, and art dealers. It also introduced stricter controls on crypto currencies, requiring exchanges to register with authorities and conduct customer due diligence.
  • 6th AMLD: Further strengthens the EU’s anti-money laundering regime by introducing measures such as enhanced risk-based approach, increased transparency around ultimate beneficial ownership, and requirements for publicly available national registries.

Turkey’s Efforts

Turkey has been working to strengthen its anti-money laundering framework in line with international standards. In 2019, Turkey introduced a new law aimed at combating money laundering and terrorist financing. The law requires financial institutions to conduct customer due diligence and report suspicious transactions.

The Turkish government has also taken steps to:

  • Increase transparency around ultimate beneficial ownership
  • Regulate the real estate sector more closely

These efforts are seen as positive steps towards improving Turkey’s anti-money laundering regime, but more work remains to be done.

Impact of AMLD

The EU’s AMLD have been welcomed by financial institutions and experts, who see them as a step in the right direction towards creating a safer and more transparent financial system. The implementation of these directives is seen as crucial for preventing financial crime and protecting the integrity of the financial system.

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Area of Interest

Financial Crime Prevention