The Financial Crimes Investigation Board ("MASAK") has prepared a new Draft General Communiqué aimed at enhancing traceability in financial transactions to combat money laundering, terrorism financing, and the informal economy. This draft communiqué seeks to strengthen compliance with both national and international obligations in line with FATF (Financial Action Task Force) standards.
Objectives of the Draft Communiqué:
- Ensure transparency in electronic transfers, wire transfers, and cash transactions.
- Increase traceability through a tiered declaration and documentation system for high-value transactions.
- Reinforce trust in the financial system and improve the capacity for formal registration.
Tiered Declaration System: Mandatory Disclosures Based on Transaction Amounts
Transactions between 200,000 TL and 2,000,000
TL:
The type of transaction must be declared. If a general description
such as "other" or "individual payment" is
provided, a minimum 20-character explanation is
mandatory.
Transactions between 2,000,001 TL and 20,000,000
TL:
A Cash Transaction Declaration Form
("Form") provided as an annex to the
MASAK Communiqué must be completed. If the transaction type
selected on the form is a general category such as
"other" or "individual payment," the customer
must provide a minimum 20-character explanation of
the transaction.
Transactions exceeding 20,000,001 TL:
The Form must be completed along with supporting
documents, and the explanation of the transaction must be
at least 50 characters long.
The communiqué is scheduled to enter into force on January 1, 2026. Non-compliance with the obligations outlined in the communiqué may result in administrative sanctions under Law No. 5549.
The draft is currently under development, and comments and suggestions can be submitted until August 18, 2025, via email to gorus@masak.gov.tr.
You may access here the MASAK Draft General Communiqué.
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.
