Turkey's Ministry of Finance ("Ministry") has
amended secondary legislation to reflect recent changes to
reporting requirements for suspicious transactions. Notification
obligations apply to a wide range of entities, involved in both
completed and attempted transactions (more). Such entities must report
suspicious transactions and suspend their execution pending receipt
of a decision from the Minister.
Under the regime, certain obliged parties must notify the
Turkish Financial Crimes Investigation Board ("Board") if
a supportive document or a serious indication exists showing that a
suspicious transaction has been performed or attempted. The Board
is required to provide a decision about the transaction within
seven working days of receiving the notification. The obliged party
must refrain from performing the relevant transaction until
receiving the Board's decision.
The time period for a response is generally seven days, but
expended to 30 day under the current State of Emergency (more).
Communiqué number 15 for Amending the General
Communiqué number 13 on Financial Crimes Investigation Board
("Amendment Communiqué") was published in Official
Gazette number 29797 on 10 August 2016, entering into effect on the
The Amendment Communiqué makes changes to Article 1 and
Article 4 of the General Communiqué number 13 on Financial
Crimes Investigation Board to give effect to these changes.
Please see this link for the full text of the Amendment
Communiqué (only available in Turkish).
Information first published in the MA | Gazette, a fortnightly legal
update newsletter produced by Moroğlu Arseven.
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