(Bloomberg) — Turkey is preparing to give its financial crime watchdog Masak expanded powers to freeze and restrict access to bank and cryptocurrency accounts, as part of a clampdown on money laundering and financial crime.
The proposed measures, which align with anti-money laundering criteria set by the Financial Action Task Force, or FATF, are expected to be introduced through a bill to parliament, according to people familiar with the matter, speaking on condition of anonymity as the plan isn’t yet public.
FATF, an intergovernmental watchdog of which Turkey is a member, removed Ankara from its “grey list” of countries subject to increased monitoring in June 2024 following progress on its mechanisms for combating money laundering and terrorism financing.
If the new regulation is approved, Masak would be able to close accounts suspected of illicit use at banks, payment firms, electronic money institutions and crypto platforms. It could also impose transaction limits, suspend mobile banking accounts and blacklist cryptocurrency addresses tied to crime.
The Treasury and Finance Ministry declined to comment.
The bill, which is still being drafted, is aimed mainly at curbing so-called “rented” accounts, in which criminals pay someone to let them use their accounts, often for illegal betting and fraud, the people said.
The changes are expected to be included in the 11th Judicial Package, which will be submitted to parliament in the new legislative year, the people said. The regulation could be revised before or during the legislative process, and may not pass in its current form.
Masak plays a central role in Turkey’s anti-money laundering efforts, collecting and analyzing suspicious transaction reports, referring cases to prosecutors and serving as a liaison on international compliance issues.
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