Financial Crime World

Turkey Steps Up Efforts to Combat Money Laundering

The Turkish government has launched a new initiative to combat money laundering and terrorist financing, as part of its efforts to enhance cooperation with international organizations and strengthen its financial system.

Background

The “Action against money laundering in Türkiye” initiative is implemented as part of the European Union and Council of Europe’s joint Horizontal Facility for the Western Balkans and Turkey. The program aims to support national authorities in implementing effective anti-money laundering and counter-terrorism financing measures, in line with evolving EU standards.

Objectives

The main objective of the action is to reinforce the effectiveness of measures taken by Turkish authorities to prevent financial crimes. Specifically, the program will focus on:

  • Improving the track record in processing money laundering cases
  • Enhancing cooperation between law enforcement agencies
  • Strengthening financial institutions’ capacity to detect and prevent money laundering

Benefits

The program benefits a range of stakeholders, including:

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

Ultimately, the program is expected to benefit the people of Turkey by enhancing the effectiveness of measures taken to combat money laundering and terrorist financing.

Funding

The action is funded with a total budget of 545,000 Euros, which is part of a larger program worth around 41 million Euros. The European Union provides 85% of the funding, while the Council of Europe contributes 15%.

Next Steps

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

By implementing this initiative, Turkey is demonstrating its commitment to combating money laundering and terrorist financing, and enhancing cooperation with international organizations. The program is expected to make significant progress in supporting Turkey’s efforts to combat these financial crimes.