The Law No. 5549 on Prevention of Laundering Proceeds of Crime
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The Law No. 5549 on Prevention of Laundering Proceeds of Crime
 
The Law No. 5549 on Prevention of Laundering Proceeds of Crime, which was drawn up considering international standards in combating laundering proceeds of crime, entered into force on 18 October 2006 by being published in the Official Gazette No. 26323. Since implementation of essential criminal and procedure laws has been adopted in punishing and investigation of money laundering this law includes arrangements accordingly.
The basic principals related to obligations which were previously determined through regulations and communiqués have been put under the scope of Law no. 5549, and a dual separation has been introduced in punishing acts violating obligations. In accordance with this approach, administrative fine has been introduced for violations of some basic obligations such as customer identification and suspicious transaction reporting that previously required imprisonment.
Another important difference set forth in Law No. 5549 is the adoption of measures taken for prevention of money laundering for prevention of terrorist financing as well. In accordance with the Regulation on Implementation of Law No. 4208 obliged parties are required to report to MASAK the transactions in which there is a suspicion that the related assets were acquired through illegal ways.
In Law No. 5549 it has been set forth that obliged parties are required to report to MASAK the transactions in which there is a suspicion that the related assets were used for illegal purposes. Thus, it was aimed to take necessary measures against funds used for financing of terrorism and the related persons.