Turkey Expands Masak’s Powers to Combat Crypto Crimes
- Turkey is enhancing the authority of its Financial Crimes Investigation Board (Masak) to tackle illicit activities involving cryptocurrencies.
- The expanded powers will allow Masak to impose restrictions on mobile and internet banking operations suspected of facilitating financial crimes.
- This initiative is part of Turkey’s 11th Judicial Reform Package, pending parliamentary approval.
- Turkey aims to align its financial crime framework with international anti-money laundering guidelines from the Financial Action Task Force.
- Recent compliance protocols require crypto exchanges to disclose transaction details and enhance user identification processes.
Turkey is strengthening Masak’s capabilities to address crypto-related fraud, aligning with global standards for combating money laundering through digital assets. The new measures await parliamentary approval under the country’s judicial reform efforts.
Source (3.2)https://cryptobriefing.com/turkey-expands-masak-powers-combat-illicit-crypto-activity/?rand=59535
