Warning from MASAK on illicit proceeds in the buying and selling of jewelry, real estate, and vehicles.

The Financial Crimes Investigation Board (MASAK), affiliated with the Ministry of Treasury and Finance, has issued a warning regarding the need for vigilance against money laundering in the purchase and sale of jewelry, real estate, and vehicles. It highlighted that gold transactions and cash purchases also carry significant risks. In a letter sent to the Union of Chambers and Commodity Exchanges of Turkey (TOBB), MASAK emphasized that violations of obligations in these sectors could lead to penalties under the Law on the Prevention of Money Laundering.

MASAK stated that businesses failing to meet their obligations would face administrative fines and potential criminal complaints to public prosecutors in cases requiring legal action. It was noted that certain business groups have responsibilities such as customer recognition, reporting suspicious transactions, and compliance audits. Awareness within sectors like jewelry sales and real estate trade has been found to be alarmingly low, with violations occasionally disrupting business operations.