Financial crime unit to gain authority for real-time bank account freezing

ANKARA

Türkiye is set to give the Financial Crimes Investigation Board (MASAK) new powers, allowing it to monitor bank accounts in real time and freeze suspicious accounts instantly.

Authorities say the move aims to strengthen the country’s response to rapidly evolving cybercrimes and financial fraud.

In recent years, Türkiye has seen a rise in cyberattacks and financial crimes. Hackers have targeted several institutions, sometimes exposing sensitive data of millions of citizens, while money laundering cases involving billions of Turkish Lira have been uncovered in banks and corporate networks.

Prepared by the ruling Justice and Development Party (AKP), the legislation is designed to enable MASAK to intervene immediately in such cases of bank fraud and other cyber offenses.

Under the proposal, MASAK will be able to scrutinize account movements that appear inconsistent with an individual’s or institution’s financial capacity.

Banks and other financial institutions will also see an expansion of oversight by financial crime authorities.

The bill is expected to be introduced in parliament during the new legislative session, which is set to begin on Oct. 1.

It will align Türkiye’s regulations with updated criteria set by the Financial Action Task Force (FATF), of which Türkiye is a member, to combat money laundering.

The proposed changes also include updates to the law on the prevention of laundering proceeds of crime, specifically regarding suspicious transaction reporting and requirements for providing documents.