Turkey Takes Tough Stance Against Financial Crimes
Turkey has been at the forefront of combating financial crimes, with a range of measures aimed at preventing and punishing these offenses. According to experts, financial crime, also known as economic crime or occupational crime, is typically committed by professionals for monetary gain, affecting the economic order of a state.
Measures Implemented by Regulatory Bodies
The country’s regulatory bodies have implemented various measures to combat financial crime, including:
- Customer due diligence
- Record keeping
- Suspicion transaction reporting
These measures are designed to prevent and detect financial crimes, ensuring that individuals and legal entities conducting business in Turkey comply with anti-money laundering regulations.
Role of the Financial Crimes Investigation Board (MASAK)
MASAK, established in 1996, plays a crucial role in investigating and prosecuting financial crimes. The board is responsible for:
- Conducting research and sectoral studies into money laundering
- Developing methods to prevent and expose it
- Gathering and analyzing data
- Initiating investigations and examinations
If its findings indicate that money laundering has occurred, MASAK reports the case to the Public Prosecutor’s Office.
Court Proceedings and Asset Seizure
The board also frequently issues reports on suspects’ proceedings and assets at the request of the Public Prosecutor’s Office or court. Under Turkish law, courts can seize assets suspected of being linked to financial crimes, including:
- Immovables
- Vehicles
- Bank accounts
- Securities
- Shares
Penalties for Financial Crime
Penalties for financial crime vary, with most cases falling within the jurisdiction of aggravated crimes courts. While legal entities cannot be held criminally liable, they can face administrative fines and other sanctions if they benefit from financial crimes.
International Recognition
Turkey’s anti-financial crime efforts have been recognized by international organizations such as the Financial Action Task Force (FATF), to which it became a member in 1991. The country has implemented numerous reforms and measures to prevent money laundering and terrorist financing, making it a leader in combating financial crime in the region.
Conclusion
In conclusion, Turkey’s regulatory bodies are taking a tough stance against financial crimes, implementing various measures to prevent and punish these offenses. With penalties ranging from long prison sentences for individuals to heavy fines for legal entities, the country is sending a strong message that financial crime will not be tolerated.