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Turkey Enhances Money Laundering Prevention with Virtual Asset Expertise

ANKARA, TURKEY - In an effort to strengthen its defenses against money laundering and terrorist financing risks from virtual assets, Turkey has hosted a high-level training session on comparative practices for mitigating these threats.

Comparative Practices in Mitigating Threats

The event, organized by the Financial Crimes Investigation Board (MASAK) in cooperation with the European Union and Council of Europe’s “Action against Money Laundering in Turkey,” brought together key stakeholders to discuss best practices for regulating virtual assets and their service providers.

Risks Associated with Virtual Assets

Despite the benefits they bring, virtual assets can be exploited by illicit actors if not properly regulated. Turkey’s National Money Laundering and Terrorist Financing Risk Assessment has identified a high level of risk associated with these assets and their service providers due to lack of legislation governing licensing and entry conditions to the sector.

Implementing FATF Standards

To address this risk, Turkish authorities are working to implement Financial Action Task Force (FATF) standards, which set out requirements for addressing money laundering and terrorist financing risks from virtual assets. The training session focused on implementing FATF Recommendation 15, which outlines requirements for mitigating these risks.

Regulatory Practices and Lessons Learned

Representatives from MASAK and the Malta Financial Services Authority shared their expertise on regulatory practices for market entry and authorization of virtual asset service providers, as well as supervision and anti-money laundering/counter-terrorist financing compliance. Participants also learned about lessons learnt in asset seizure, management, and confiscation.

Importance of Cross-Organization Cooperation

The event emphasized the importance of cross-organization cooperation, proportionality in enforcement actions, and the use of technology to combat financial crime.

Key Stakeholders Attend Training Session

Key stakeholders from Turkey’s Ministry of Treasury and Finance, Capital Markets Board, Gendarmerie General Command, Tax Inspection Board, Banking Regulation and Supervision Agency, General Directorate of Security, Ministry of Trade, Central Bank, and Insurance and Private Pension Regulation and Supervision Agency attended the training session.

“Action against Money Laundering in Turkey” Program

The “Action against Money Laundering in Turkey” is a joint European Union and Council of Europe program aimed at strengthening Turkey’s capacities to prevent money laundering.