
Publication
Essential Corporate News – Week ending 11 July 2025
On 1 July 2025, the Quoted Companies Alliance (QCA) published three new board committee guides to accompany the QCA Environmental and Social Guide published in December 2024.
Global | Publication | March 7, 2017
Turkey took further steps in 2016 to fight corruption and the financing of terrorism. The Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism was ratified by Parliament in early 2016. The Prime Ministry shortly thereafter issued a three-year action plan to further fight corruption and increase transparency. Secondary legislation to strengthen the Council of Europe Convention has been issued, however, to date there have been no legislative changes made to implement the Prime Ministry’s action plan.
Nine years after signing, the Turkish Parliament ratified and thus enacted into law the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism. The Convention requires each signatory to establish, among other things, a financial intelligence unit to fight against money laundering and the financing of terrorism. In Turkey this duty is fulfilled by the Financial Crimes Investigation Board (Mali Suçları Araştırma Kurulu) (“MASAK”), which was established in 1997 by the now-obsolete Law No. 4208, the Law on the Prevention of Money Laundering.
As part of the secondary legislation for implementation of the Council of Europe Convention, the Ministry of Finance enacted the Regulation on the Suspension of Suspicious Transactions on July 29, 2016. The Regulation governs transactions for which there is reasonable ground to suspect that they are related to money laundering or the financing of terrorism.
According to the Regulation, a transaction may be suspended by MASAK if;
The Guidelines on Suspicious Transactions, issued by the Ministry of Finance and MASAK, contains a very broad definition of what constitutes a “suspicious transaction” that may be subject to suspension under the Regulation. Suspicious transactions includes transactions of an “extraordinary nature” such as the granting of high-value loans, voluntary prepayment of loans or the transferring of sums larger than normal.
If a transaction is deemed suspicious by an obliged party and MASAK is notified, the transaction will be postponed pending a final decision by the Ministry of Finance.
In addition to steps taken to fight money laundering and the financing of terrorism, Turkey also took steps to fight corruption.
In May 2016, the Prime Ministry issued an action plan for 2016-2019 which outlines steps to be taken to fight corruption and increase transparency. It establishes a Commission for the Increase of Transparency and Strengthening of the Fight Against Corruption (Türkiye’de Saydamlığın Artırılması ve Yolsuzlukla Mücadelenin Güçlendirilmesi Komisyonu). The Commission, slated to report to the Deputy Prime Minister, is to be composed of the Ministers of Justice, Labor and Social Security, Customs and Trade, Internal Affairs and Economy.
The steps outlined in the action plan include enacting new legislation and amending various existing laws. For example, Law No. 3628 on the Declaration of Assets and Fighting Against Bribery and Corruption (Mal Bildiriminde Bulunulması, Rüşvet ve Yolsuzluklarla Mücadele Kanunu) will be amended to ensure more effective implementation, although the action plan does not outline the scope of this amendment. Other legislation to be amended within the scope of the action plan includes various laws applicable to the duties and authorities of appropriate government offices.
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On 1 July 2025, the Quoted Companies Alliance (QCA) published three new board committee guides to accompany the QCA Environmental and Social Guide published in December 2024.
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In the two years since our last climate litigation update, the prevalence and variety of global climate litigation around the world has continued to increase.
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Selon un rapport conjoint du Bureau du surintendant des institutions financières (BSIF) et de l’Agence de la consommation en matière financière du Canada (ACFC), environ 70 % des institutions financières fédérales prévoient utiliser l’IA d’ici 2026 .
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