Financial Crime World

Money Laundering Prevention Best Practices in Turkey: New Action Plan Unveiled

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A new joint initiative between the European Union and the Council of Europe aims to boost Turkey’s efforts in preventing money laundering and combating terrorist financing. The “Action against Money Laundering in Türkiye” is part of the Horizontal Facility for the Western Balkans and Türkiye, a €41 million program running until 2026.

Goal and Objectives

The primary goal of this action is to enhance the effectiveness of measures taken by Turkish authorities to combat money laundering and terrorist financing. This will be achieved through a focus on policy improvements and strengthened track records in processing cases of money laundering.

Benefits

  • The initiative benefits a range of stakeholders, including:
    • Financial Crimes Investigation Board (MASAK)
    • Law enforcement agencies such as the Turkish National Police, General Command of the Gendarmerie, Coast Guard, and Customs Enforcement
    • Prosecutors
    • Supervisory authorities like the Banking Regulation and Supervision Agency, Capital Markets Board, and Ministry of Treasury and Finance
    • The people of Turkey

Implementation

The action works by providing technical assistance to support the implementation of EU anti-money laundering and counter-terrorism financing directives. This includes:

  • Capacity building for law enforcement agencies, prosecutors, and supervisory authorities
  • Strengthening cooperation between these institutions

Expected Outcomes

  • Enhanced cooperation among Turkish authorities
  • Improved investigation and prosecution of money laundering cases
  • Increased transparency in financial transactions

Budget and Funding

The action has a total budget of €545,000, which is part of the overall €41 million Horizontal Facility program. The European Union will fund 85% of the program, while the Council of Europe will contribute 15%.

Getting More Information

For more information on this initiative, please contact the Council of Europe’s Economic Crime and Co-operation Division or visit the Horizontal Facility website.