Turkey has ratified the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism (“Convention”), with Law Number 6665. The Convention aims to establish a common criminal policy between signatory countries. It requires signatories to adopt domestic legislation and other measures, as well as co-operate with other countries.
The Convention adopts modern and effective crime prevention methods, intended to deprive criminals of the proceeds and instruments of crime, via international co-operation.
Convention signatories must appoint a central, national agency as the financial intelligence unit (“FIU”). FIUs are entitled to access financial, administrative and law enforcement information in order to analyze suspicious transaction reports, as well as execute other duties. To combat money laundering, FIUs should directly communicate with their equivalents in other countries, about requests within the scope of the Convention.
Turkey’s financial intelligence unit is the Ministry of Finance, Financial Crimes Investigation Board (MASAK).
The Convention will enter into effect in Turkey on the first day of the fourth month after the accession instrument is deposited with the Council of Europe’s Secretary General.
Please refer to this link for the full text of the Convention.
Information first published in the MA | Gazette, a fortnightly legal update newsletter produced by Moroğlu Arseven.