Esin Attorney Partnership, a member firm of Baker & McKenzie International, has long been a leading provider of legal services in the Turkish market. We have a total of nearly 140 staff, including over 90 lawyers, serving some of the largest Turkish and multinational corporations. Our clients benefit from on-the-ground assistance that reflects a deep understanding of the country's legal, regulatory and commercial practices, while also having access to the full-service, international and foreign law advice of the world's leading global law firm.
We help our clients capture and optimize opportunities in Turkey's dynamic market, including the key growth areas of mergers and acquisitions, infrastructure development, private equity and real estate. In addition, we are one of the few firms that can offer services in areas such as compliance, tax, employment, and competition law — vital for companies doing business in Turkey.
The Central Bank of Turkey amended the Capital Movements
Circular.
What Do the Amendments Say?
As explained in our
Client Alert dated February 19, 2019, Turkish banks are
required to obtain the receiving company's written declaration
as well as the substantiating information and documents in order to
determine whether unidentified FX transfers made from abroad to
such Turkish company's account for USD 50,000 or more, are in
respect of the loans utilized by such company.
Pursuant to the latest amendment, if the relevant company fails
to provide the written declaration and/or information and documents
substantiating the declaration, the bank will not complete the
transfer and will return the FX amount.
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.
