Turkey plans to give MASAK, the country’s financial crimes agency, more authority to freeze and manage bank accounts and cryptocurrency wallets. This is part of the government’s push to fight money laundering and other illegal financial activities and to make sure the country follows international rules.
MASAK, which already keeps an eye on suspicious transactions, would be able to close accounts at banks, payment companies, digital wallets, and crypto platforms if they are suspected of being used for illegal purposes. It could also limit transactions, temporarily block mobile banking, and blacklist cryptocurrency addresses connected to crime.
Focus on rented accounts and suspicious activity
The proposal mainly targets so-called “rented” accounts, where people let criminals use their bank or digital wallets for fraud, illegal betting, or money laundering. Authorities say these accounts are often used to hide the source of funds, and quick intervention could help prevent larger schemes from developing.
The proposed changes are expected to be part of the 11th Judicial Package, which is due to be submitted to parliament in the coming legislative year. The bill is still in the works, so its details might change before parliament gives it final approval.
Even as it stands now, giving MASAK these powers would be a big step in how Turkey monitors banks and crypto accounts.
The plan also aligns with the standards set by the Financial Action Task Force (FATF). Turkey got off FATF’s “grey list” in June 2024 after making progress in preventing money laundering and stopping terrorism financing.
Giving MASAK more power is meant to help the country follow these rules better and respond faster when suspicious transactions show up. Officials say the extra powers will let MASAK act more effectively against illegal activity, protect both banks and crypto platforms, and make the financial system safer for everyone.
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