Turkey Plans Expanded Powers for Watchdog to Freeze Crypto and Bank Accounts
Turkey’s proposed legislation seeks to enhance Masak's powers, targeting illicit financial activities and aligning with global anti-money laundering standards.
Fact Check
The statement is strongly confirmed by multiple credible news sources. Evidence from Bloomberg (Source 5, 8) and Cointelegraph (Source 1, 7) explicitly and consistently reports that the Turkish government is preparing legislation to grant its financial crime watchdog, Masak, the authority to freeze both cryptocurrency and traditional bank accounts to combat financial crime. The information is corroborated across these sources.
Summary
Turkey is drafting legislation that would grant its Financial Crimes Investigation Board (Masak) increased authority to freeze and restrict access to both cryptocurrency and bank accounts. The proposed bill focuses on combating money laundering, illegal gambling, and fraud, targeting 'rented' accounts. This aligns with global anti-financial crime standards set by the FATF.
Terms & Concepts
- Masak: Turkey’s Financial Crimes Investigation Board, responsible for preventing money laundering and terrorist financing.
- Cryptocurrency Accounts: Digital wallets or exchange accounts used to hold, trade, or transfer cryptocurrencies.
- Money Laundering: The illegal process of making large amounts of money generated by criminal activity appear to be earned legitimately.