Turkey plans to allow regulators to freeze bank and cryptocurrency accounts

ChainCatcher news, according to Bloomberg, Turkey is preparing to grant its financial crime regulatory agency—the Financial Crimes Investigation Board (Masak)—greater powers to freeze and restrict access to bank accounts and cryptocurrency accounts as part of efforts to combat money laundering and financial crime.

Informed sources revealed that the proposed measures align with the anti-money laundering standards set by the Financial Action Task Force (FATF) and are expected to be implemented through a bill submitted to Parliament. If the new regulations are approved, Masak will have the authority to close accounts suspected of illegal use, as well as impose transaction limits, suspend mobile banking accounts, and blacklist cryptocurrency addresses associated with crime.

The bill still in draft form primarily targets the practice of "renting" accounts, where criminals pay to use others' accounts for illegal gambling and fraud. These changes are expected to be included in the 11th judicial package, submitted for review in the new legislative year, and the regulations may be amended and not necessarily passed in their current form.