Financial Crime World

Turkey Takes Proactive Measures Against Money Laundering: Implementing Stringent AML Laws and Regulations

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Turkey, situated between Europe and Asia, has taken significant strides in combating money laundering and terrorist financing. The country has implemented robust Anti-Money Laundering (AML) laws and regulations in collaboration with international bodies such as the Financial Action Task Force (FATF), the United Nations, and the European Union.

History of AML Efforts

Turkey’s AML efforts date back to the late 1990s when the first legislative measures were adopted. Over time, the country has refined its legal framework to align with international standards and respond to evolving risks. The cornerstone of Turkey’s AML efforts is Law No. 5549 on Prevention of Laundering Proceeds of Crime, enacted in 2006.

Key AML Laws

Turkey has established a robust legal framework to combat money laundering and terrorist financing. Key AML laws include:

  • Law No. 5549 on the Prevention of Laundering Proceeds of Crime
  • Turkish Penal Code (Law No. 5237)
  • Banking Law (Law No. 5411)
  • Law on the Regulation of Payment Services and Electronic Money Institutions (Law No. 6493)
  • Capital Markets Law (Law No. 6362)

Implementation and Oversight

The Financial Crimes Investigation Board (MASAK) plays a pivotal role in implementing AML regulations, conducting investigations, and sharing intelligence with relevant stakeholders. The Ministry of Finance and Treasury oversees MASAK and coordinates AML efforts.

International Cooperation

Turkey’s engagement with international bodies has significantly shaped its AML landscape. By participating in mutual evaluations and adhering to FATF recommendations, Turkey demonstrates its commitment to global cooperation against financial crimes.

Specific Money Laundering Risks

However, Turkey faces specific money laundering risks due to its strategic location. These risks include:

  • Trade-Based Money Laundering (TBML)
  • Informal financial systems
  • Real estate sector
  • Corruption and political instability
  • Virtual currencies and online transactions
  • Cross-border movements
  • Terrorist financing

Compliance Solution for Turkey

To combat these risks, Sanction Scanner offers AML compliance software designed specifically for Turkey. The company’s solution streamlines compliance for businesses operating in the country, providing a tailored approach that takes into account Turkey’s regulatory landscape.

Get Started with Sanction Scanner

Businesses can reach out to Sanction Scanner or request a demo to experience the future of AML compliance firsthand.