Turkey Takes Action Against Money Laundering: What You Need to Know
The Turkish government has launched a joint initiative with the European Union and the Council of Europe to strengthen its response to money laundering and terrorist financing. The “Action against money laundering in Türkiye” is a four-year program running from 2023 to 2026.
Goals and Objectives
- Support Turkish authorities in enhancing the effectiveness of their anti-money laundering (AML) and counter-terrorism financing (CFT) measures, aligning them with evolving EU standards.
- Strengthen the country’s financial system and enhance its international reputation by combating money laundering and terrorist financing effectively.
Stakeholders Impacted
- Financial Crimes Investigation Board (MASAK)
- Law enforcement agencies: Turkish National Police and General Command of the Gendarmerie
- Supervisory authorities: Banking Regulation and Supervision Agency
- Ordinary citizens in Turkey
Action Plan
The action plan focuses on implementing policy measures and improving the track record of processing money laundering cases. Specific steps include:
- Enhancing cooperation between authorities
- Increasing public awareness
- Strengthening legal frameworks
Budget and Funding
The budget for this action amounts to a total of 545,000 euros, which is part of the larger Horizontal Facility program with a budget of approximately 41 million euros.
About the Horizontal Facility
The “Horizontal Facility for the Western Balkans and Türkiye” is a joint initiative between the European Union and the Council of Europe aimed at helping Western Balkan countries, including Turkey, meet their reform agendas in human rights, rule of law, and democracy, while also aligning with EU standards.
Contact Information
For more information about this initiative, contact:
- The Council of Europe’s Economic Crime and Co-operation Division
- Visit the Horizontal Facility website and e-mail address