Strengthening Anti-Money Laundering Measures in Turkey: A New Initiative
The European Union (EU) and the Council of Europe have launched a joint programme titled “Horizontal Facility for the Western Balkans and Turkey” aimed at combating money laundering and terrorist financing in Turkey. The “Action against Money Laundering in Turkey” initiative seeks to achieve tangible results by reinforcing the effectiveness of the response to money laundering and terrorist financing in the country.
Key Objectives
- Reinforce policy measures to improve the track record of processing cases of money laundering
- Enhance the effectiveness of anti-money laundering (AML) and counter-terrorism financing (CFT) measures
- Support national authorities in implementing AML/CFT measures and following up on evolving EU acquis in these areas
Beneficiaries
The initiative will benefit a wide range of stakeholders, including:
- Financial Crimes Investigation Board (MASAK)
- Law enforcement authorities such as the Turkish National Police, General Command of the Gendarmerie, The Coast Guard, Customs Enforcement
- Prosecutors
- Supervisory authorities like the Banking Regulation and Supervision Agency, Capital Markets Board, Ministry of Treasury and Finance
- The people of Turkey
Action Plan
The initiative will work by:
- Implementing policy measures to enhance the effectiveness of AML/CFT measures
- Improving the track record of processing cases of money laundering
- Enhancing cooperation between national authorities
Expected Outcomes
- Increased effectiveness in combating money laundering and terrorist financing
- Improved international cooperation
- Enhanced public confidence in the financial system
Budget and Funding
The total budget for the action is €545,000, which is part of a larger budget of approximately €41 million for the overall Horizontal Facility programme. The European Union funds 85% of the programme, while the Council of Europe contributes 15%.
Contact Information
For more information on the “Action against Money Laundering in Turkey”, contact the Council of Europe’s Economic Crime and Cooperation Division or visit the Horizontal Facility website and email address.
About the Horizontal Facility Programme
The “Horizontal Facility for the Western Balkans and Turkey” is a joint initiative between the European Union and the Council of Europe that enables Western Balkan beneficiaries and Turkey to meet their reform agendas in the fields of human rights, rule of law, and democracy and comply with European standards. This programme is also a priority for the EU enlargement process.