Turkey to empower watchdog to freeze crypto accounts in AML crackdown: Report

Turkey plans new legislation letting Masak freeze crypto accounts to fight money laundering, aligning with FATF standards.

The Turkish government is reportedly preparing legislation that would grant its financial crime watchdog, Masak, the authority to freeze cryptocurrency accounts as part of a wider effort to combat money laundering and financial crime — a move that potentially highlights regulators’ ongoing concerns over crypto-related illicit activity.

According to a report by Bloomberg, citing people familiar with the matter, the proposed changes would expand Masak’s Anti-Money Laundering (AML) mandate, enabling it to freeze both cryptocurrency and traditional bank accounts. 

The measures are said to align with recommendations from the Financial Action Task Force (FATF), which is an intergovernmental body that sets global standards for combating money laundering and terrorist financing.

Read more