Turkey Plans to Expand Financial Crime Agency's Powers to Combat Money Laundering

According to PANews, Turkey is preparing to enhance the authority of its financial crime regulatory body, the Financial Crimes Investigation Board (Masak), to freeze and restrict access to bank and cryptocurrency accounts as part of efforts to combat money laundering and financial crime. Sources indicate that the proposed measures align with the anti-money laundering standards set by the Financial Action Task Force (FATF) and are expected to be implemented through a bill submitted to parliament. If approved, the new regulations would grant Masak the power to close accounts suspected of illegal use, impose transaction limits, suspend mobile banking accounts, and blacklist cryptocurrency addresses linked to criminal activities. The draft legislation primarily targets the practice of 'renting' accounts, where criminals pay to use others' accounts for illegal gambling and fraud. These changes are anticipated to be included in the 11th judicial package plan, which will be submitted for review in the new legislative year. The regulations may undergo revisions and are not guaranteed to pass in their current form.