New Regulations from MASAK on Financial Transactions and Sanction Lists
The Financial Crimes Investigation Board has implemented new rules within the scope of combating crime revenues, introducing the ability to intervene in transactions on sanction lists and increasing transaction limits.
The Financial Crimes Investigation Board of the Ministry of Treasury and Finance has implemented new regulations tightening measures against the laundering of crime revenues and the financing of terrorism.
Measures Published in the Official Gazette
Prepared by the Financial Crimes Investigation Board of the Ministry of Treasury and Finance with the aim of preventing the laundering of crime revenues and the financing of the proliferation of weapons of mass destruction, the new regulations have entered into force upon publication in the Official Gazette.
Rapid Intervention in Sanction Lists
The way has been paved for much faster intervention in the financial transactions of individuals and entities included in the United Nations Security Council sanction lists, and new mechanisms have been put into operation in this direction.
Information transmitted through the Ministry of Foreign Affairs will be published directly on the MASAK website, and obligors will report the transactions of those on this list without delay.
Monetary Transaction Limits Updated
With the regulation, certain monetary reporting thresholds and transaction limits applied in financial transactions were increased upwards in line with economic conditions.
While certain transaction limits previously applied as 10 thousand and 25 thousand liras were raised to 20 thousand and 50 thousand liras respectively, certain other special limits and steps were also updated.