On February 18th, 2016 Turkey finally ratified the Council of
Europe Convention on Laundering, Search, Seizure and Confiscation
of the Proceeds from Crime and on the Financing of Terrorism
Agreement ("Convention"), almost 10 years after its
signature of the Convention on March 2007. So far the ratification
of the Convention is the latest step taken among Turkey's
efforts to adapt its domestic legislation to the international
anti-money laundering system. Turkey's such efforts had started
in 2012, when the Financial Action Taskforce ("FATF") had
gray listed Turkey due to its lack of compliance with international
standards. Since then, Turkey has taken a plethora of legislative
steps and on October 2014 FATF declared that Turkey would no longer
be subject to the monitoring process. However, Turkey's
non-ratification of the Convention had still remained an element of
The Convention which entered into force on May 2008, remains the
first international convention to regulate both anti-money
laundering and financing of terrorism and therefore, is the first
international instrument to provide a holistic approach to
combatting the both. The Convention recognizes that swift access to
the relevant financial information would be the key in preventing
money laundering and financing of terrorism. To that end, the
Convention provides for an international judicial system of
cooperation, establishment of intelligence units and the obligation
to assist the authorities in need.
According to the Convention, the states parties are obliged to
establish financial intelligence units ("FIU") which
exchange, spontaneously or on request, any accessible information
that may be relevant to the processing or analysis of information.
The states parties are obliged to ensure that FIUs' status
under domestic legislation (either administrative, law enforcement
or judicial authority) does not affect the discharge of their
function. Turkey has appointed the Financial Crime Investigation
Board as its FIU, to deal with asset freezing requests made by
foreign countries and requests made by Turkey to other
In line with Turkey's efforts to comply with FATF
recommendations, Article 13 of the Convention provides that states
parties shall consider applicable international standards and FATF
recommendations of while taking necessary measures to prevent money
In addition to the above, the requirements set by the Convention
are not just met through the establishment of an asset freeze and
international cooperation system. According to Article 8 of the
Convention, states parties shall also ensure that the affected
parties shall have effective legal remedies, in order to preserve
their rights in the face of such extreme measures.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
On April 5th, 2016, the Department of Justice ("DOJ") announced the Foreign Corrupt Practices Act Enforcement Plan and Guidance ("Guidance") which aims to ensure greater accountability for Foreign Corrupt Practices Act ("FCPA") violations and provide greater transparency for companies with regard to mitigation.
To allow the prompt and effective investigation of the offence is a familiar reason given by police officers to justify the arrest of a suspect.
Some comments from our readers The articles are extremely timely and highly applicable I often find critical information not available elsewhere As in-house counsel, Mondaqs service is of great value
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think youve read our Disclaimer).