TRIAR AML/CFT POLICY

Legal Framework
By enacting and issuing the Anti Money Laundering Law 4208 in 1996 and several regulations and communiqués for implementation of that Law, Turkey has completed and adopted its legislative acts, regulations and financial system in compliance with the Forty Recommendations of FATF where it is enrolled. Purpose of the Law 4208 is to set down the principles applicable for prevention of money laundering, and to determine the assets that may be the subject of “money laundering” crime which is classified as a separate and independent offence in the Law.
 
In 1998, The Presidency of Financial Crime Investigation Board (MASAK) reporting to the Minister of Finance has been formed and established, and has been entrusted with the data collection, evaluation, implementation, audit, regulation and coordination tasks and functions relating to the legal obligations arising out of the Law 4208.
 
In 2006, new legislation of Turkey, Prevention of Laundering Proceeds of Crime Law, Law No: 5549, has been issued by Turkish FIU (MASAK). The purpose of this law is to determine the principles and procedures for prevention of laundering proceeds of crime. In addition, the new regulation regarding to the mentioned law has been issued in 2008 to explain the new methodology of client identification–verification, know your client principles, to determine the suspicious activities, corresponding banking, following customers’ transactions, etc. With a view for strengthening the struggle against terrorism, and preventing laundering, and seizing, proceeds of crime derived from acts of terrorism, and developing international cooperation in the struggle against organized crime and terrorism, Turkey has ratified the agreements published by the United Nations, and is, in accordance with The Eight Special Recommendations of FATF.