Turkey to Expand Masak’s Powers to Freeze Crypto Accounts and Blacklist Illicit Addresses

In a surprising turn of events, Turkey is moving to tighten its grip on financial crime with new powers for its Financial Crimes Investigation Board (Masak). The plan would allow Masak to freeze both bank and crypto accounts, while setting limits on suspicious transactions,. The new amendments will also allow the regulator to blacklist crypto addresses tied to fraud. A key target for the new rollout is the so-called “rented accounts,” often used for illegal gambling and laundering funds. Turkey hopes to demonstrate its commitment to maintaining the safety and transparency of its financial system by bringing itself into compliance with international standards set forth by the Financial Action Task Force (FATF). These actions are included in the nation’s eleventh package of judicial reform, which will be presented to parliament for consideration.