Turkey is preparing to give its financial crimes watchdog, the Financial Crimes Investigation Agency (Masak), greater powers to freeze and restrict access to bank and cryptocurrency accounts as part of a crackdown on money laundering and financial crime.
According to people familiar with the matter, the proposed measures meet anti-money laundering standards set by the Financial Action Task Force (FATF) and are expected to be introduced through a bill before parliament. If approved, Masak would have the power to close accounts suspected of illegal use, as well as impose transaction limits, suspend mobile bank accounts, and blacklist cryptocurrency addresses linked to crime.
The bill, which is still being drafted, focuses on "rental" 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 consideration in the new legislative year, and the regulations may be revised, not necessarily in their current form.
Turkey plans to allow regulators to freeze bank and cryptocurrency accounts
2025-09-30 00:11:55
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