Turkey is drafting legislation to enable its Financial Intelligence Unit (Masak) to block bank and crypto service accounts in efforts to combat money laundering and financial crimes. The proposed law targets 'rented' accounts used by criminals for illicit activities. If enacted, Masak will have the authority to close suspicious accounts, impose transaction limits, suspend mobile banking, and blacklist crypto addresses associated with criminal activity. This initiative aligns with the Financial Action Task Force (FATF) standards.
Turkey to Empower Financial Intelligence Unit to Block Crypto Accounts
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.