Türkiye plans to allow regulators to freeze bank and cryptocurrency accounts

Turkey is preparing to give its financial crime regulator, the Financial Crimes Investigation Agency (Masak), greater powers to freeze and restrict access to bank and cryptocurrency accounts as part of its fight against money laundering and financial crime. The proposed measures, which align with anti-money laundering standards set by the Financial Action Task Force (FATF), are expected to be implemented through a bill submitted to parliament, according to people familiar with the matter. If approved, the new regulations would give Masak the power to close accounts suspected of illegal use, as well as impose transaction limits, suspend mobile banking accounts, and blacklist cryptocurrency addresses linked to crime. The bill, still under draft, primarily targets the practice of "renting" accounts, where criminals pay to use someone else's account for illegal gambling and fraud. The changes are expected to be included in the 11th judicial package, which will be submitted for review in the new legislative year. The regulations may be revised and may not necessarily be passed in their current form. (Bloomberg)