Turkey Tightens AML CFT Regulations to Combat Financial Crimes

Turkey has strengthened its anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations to prevent financial crimes and maintain economic stability. The new legislation, Law No. 5549 on Prevention of Laundering Proceeds of Crime, was developed in accordance with recommendations from the Financial Action Task Force (FATF).

Strengthened Regulations

The Financial Crimes Investigation Board (MASAK), an intelligence agency, plays a crucial role in combating money laundering and corruption by providing effective support to law enforcement agencies. Established in 2007, Turkey’s internet-specific legislation aims to regulate online activities and ensure financial stability.

• Regulates online activities
• Ensures financial stability

Banking Law No. 5411

The Banking Law No. 5411 is another key regulation that governs the principles and procedures of ensuring confidence and stability in financial markets, efficient functioning of the credit system, and protection of depositors’ rights and interests.

Impact on Economy and Reputation

Experts say that the strengthened regulations will help Turkey maintain its position as a stable and secure financial hub, attracting foreign investment and promoting economic growth. The measures are expected to have a positive impact on the country’s economy, as well as its international reputation in combating financial crimes.

• Maintains stability and security of financial hub
• Attracts foreign investment
• Promotes economic growth
• Positive impact on international reputation