Turkey is poised to significantly enhance its regulatory framework for financial crime prevention, granting its Financial Crimes Investigation Board (Masak) expanded powers to freeze bank and cryptocurrency accounts. This move is part of a broader legislative effort to align with international standards aimed at combating money laundering and illicit financial activities.
New Enforcement Capabilities for Masak
A proposed bill is set to equip Masak with robust tools to monitor and control financial transactions across various platforms. According to information obtained by Bloomberg, Masak will gain the authority to freeze accounts held not only in traditional banks but also within payment services, electronic money issuers, and crucially, cryptocurrency exchanges. Beyond account freezes, the agency is expected to be empowered to implement transaction limits, block mobile banking access, and blacklist cryptocurrency addresses linked to criminal activities.
This legislative initiative is reportedly driven by the need to combat sophisticated fraud schemes, particularly the exploitation of “rented” accounts. These accounts, often obtained through financial incentives paid to unsuspecting individuals, are utilized by criminals to facilitate illegal activities such as online gambling or fraudulent transactions, thereby obscuring the trail of illicit funds.
Alignment with International Standards and Future Prospects
The proposed enhancements to Masak’s operational capabilities are a direct response to the recommendations of the Financial Action Task Force (FATF), an international standard-setter for combating money laundering and terrorist financing. By strengthening its regulatory oversight, Turkey aims to demonstrate its commitment to meeting these global benchmarks. The bill is anticipated to be introduced as part of the 11th judicial package to parliament during the upcoming legislative session. However, it is important to note that the provisions within the bill are subject to parliamentary review and may be amended or not approved as initially drafted.
Masak currently plays a vital role in collecting and analyzing suspicious transaction data, referring cases to prosecutors, and ensuring Turkey’s compliance with international anti-money laundering (AML) requirements. The introduction of these new powers is expected to bolster the agency’s effectiveness in its ongoing efforts to maintain financial integrity within the country. This development follows previous reports from June 2025, which indicated Turkey’s intent to tighten cryptocurrency withdrawal regulations as part of its broader AML strategy.
Kate specializes in clear, engaging coverage of business developments and financial markets. With a knack for breaking down economic data, she makes complex topics easy to understand.