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Published in:
2023 | OriginalPaper | Chapter
21. AML/CFT and Cybersecurity Laws in Turkey
Author : Felix I. Lessambo
Published in: Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry
Publisher: Springer Nature Switzerland
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Abstract
The main legislation in Turkey regarding the prevention of money laundering is the Law on Prevention of Laundering Proceeds of Crime No. 5549 developed upon the recommendations of The Financial Action Task Force. The Financial Crimes Investigation Board (MASAK) is an intelligence agency that helps create an efficient economy and a crime-free society by combating laundering illicit proceeds and corruption effectively. The Turkish government passed its first internet-specific legislation in 2007. Banking Law No. 5411 aims to regulate the principles and procedures of ensuring confidence and stability in financial markets, the efficient functioning of the credit system, and the protection of the rights and interests of depositors.