Financial Crime World

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Financial Crime Examples in Turkey: A Threat to Economic Order

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Turkey has been grappling with financial crime, a non-violent offense that affects the economic system and order of the country. The scope and type of the crime can have far-reaching consequences, even going beyond national borders.

What is Financial Crime?

According to experts, financial crime is often committed by white-collar workers who abuse their profession or position for personal gain. This includes:

  • Embezzlement
  • Abuse of trust
  • Forgery
  • Counterfeiting
  • Bribery
  • Fraud
  • Money laundering
  • Usury
  • Terrorist financing
  • Tax offenses
  • Violation of capital markets regulations

The Financial Crimes Investigation Board (MASAK)

The Financial Crimes Investigation Board (MASAK) was established in 1996 to combat financial crimes and prevent the laundering of criminal proceeds. MASAK’s main functions include:

  • Conducting research
  • Developing methods for preventing and exposing money laundering
  • Gathering and analyzing data
  • Initiating investigations

Penalties for Financial Crime in Turkey

In Turkey, penalties for financial crime vary depending on the type of offense. However, most cases are tried in courts of aggravated crimes, with terms of imprisonment ranging from several years to life.

The Turkish Criminal Code also stipulates that legal entities cannot be held criminally liable for financial crimes. Instead, security measures such as:

  • Fines
  • License revocation

can be imposed if a legal entity derives benefits from a crime.

Preventive Measures Against Financial Crime in Turkey

In recent years, Turkey has implemented various preventive measures to combat financial crime, including:

  • Customer due diligence
  • Record keeping
  • Suspicion transaction reporting

Turkey is also a member of the Financial Action Task Force (FATF), an international organization that aims to prevent money laundering and terrorist financing.

Conclusion

Despite these efforts, financial crime remains a significant problem in Turkey, with cases involving legal entities often resulting in long-term prison sentences for individuals involved and heavy fines for companies that benefit from such crimes.