MASAK Strategy: New Era in Turkey's Fight Against Financial Crimes

A new action plan to combat money laundering and terrorist financing in Turkey has been outlined through a strategy document by MASAK, covering 2026-2030. The plan aims to enhance the effectiveness of judicial and administrative processes, improve compliance with obligations, and deprive criminals of their illicit income.

Strengthening Judicial Processes Against Money Laundering and Terrorist Financing

■The Ministry of Justice's Criminal Affairs General Directorate's directive emphasizes expanding investigations into high-risk crimes and cash controls to include money laundering.

■MASAK will prioritize analyzing suspicious transaction reports in complex cases and expedite responses to legal requests.

■Historical records of share registers will be digitized, enabling parallel inquiries into terrorist financing in all terrorism-related cases.

Data Integration and Risk Assessment Framework

■Additional data from public systems will enhance basic information checks in trade registries.

■The Ministry of Trade and Revenue Administration will jointly identify discrepancies in real beneficiary and trade registries every six months.

■Discrepancies will be reported to MASAK and the Revenue Audit Board, with taxpayers included in risk assessments and audits.

Institutional Collaboration and Working Groups

■MASAK-led working groups on money laundering and terrorist financing threats will include representatives from the Ministry of Justice, HSK, and Interior Ministry.

■Sub-working groups for legislation and case management will be established; policy goals will be discussed in the Financial Crimes Coordination Board.

■Working groups will meet quarterly; strategy-related reports will be submitted to the Presidency.

Zeynep Kaya: This strategy reflects Turkey's effort to align with international standards in combating financial crimes. Particularly, digitizing share registers and inter-institutional data integration could enhance transparency in credit and consumer finance. However, balancing independence and data privacy in implementation remains critical.