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Anti-money laundering law of Turkey and the EU: An example of convergence?

Ufuk Mısırlıoğlu, İsmail; Türkşen, Umut; Yükseltürk, Osman; Ufuk Mısırlıoğlu, İsmail; Türkşen, Umut; Yükseltürk, Osman; Ufuk Mısırlıoğlu, İsmail; Türkşen, Umut; Yükseltürk, Osman; Ufuk Mısırlıoğlu, İsmail; Türkşen, Umut; Yükseltürk, Osman; Ufuk Mısırlıoğlu, İsmail; Türkşen, Umut; Yükseltürk, Osman; Yükseltürk, Osman; Yükseltürk, Osman; Ufuk Mısırlıoğlu, İsmail; Yükseltürk, Osman; Ufuk Mısırlıoğlu, İsmail; Türkşen, Umut; Yükseltürk, Osman; Türkşen, Umut; Ufuk Mısırlıoğlu, İsmail; Türkşen, Umut; Ufuk Mısırlıoğlu, İsmail; Ufuk Mısırlıoğlu, İsmail; Yükseltürk, Osman; Türkşen, Umut; Ufuk Mısırlıoğlu, İsmail; Yükseltürk, Osman; Türkşen, Umut; Türkşen, Umut; Türkşen, Umut; Turksen, Umut; Misirlioglu, Ismail; Ufuk Mısırlıoğlu, İsmail; Yukselturk, Osman; Yükseltürk, Osman

Authors

İsmail Ufuk Mısırlıoğlu

Umut Türkşen

Osman Yükseltürk

İsmail Ufuk Mısırlıoğlu

Umut Türkşen

Osman Yükseltürk

İsmail Ufuk Mısırlıoğlu

Umut Türkşen

Osman Yükseltürk

İsmail Ufuk Mısırlıoğlu

Umut Türkşen

Osman Yükseltürk

İsmail Ufuk Mısırlıoğlu

Umut Türkşen

Osman Yükseltürk

Osman Yükseltürk

Osman Yükseltürk

İsmail Ufuk Mısırlıoğlu

Osman Yükseltürk

İsmail Ufuk Mısırlıoğlu

Umut Türkşen

Osman Yükseltürk

Umut Türkşen

İsmail Ufuk Mısırlıoğlu

Umut Türkşen

İsmail Ufuk Mısırlıoğlu

İsmail Ufuk Mısırlıoğlu

Osman Yükseltürk

Umut Türkşen

İsmail Ufuk Mısırlıoğlu

Osman Yükseltürk

Umut Türkşen

Umut Türkşen

Umut Türkşen

Umut Turksen umut2.turksen@uwe.ac.uk

Osman Yukselturk Osman.Yukselturk@uwe.ac.uk
AHOD in PG Accounting & Economics Prog Cluster

Osman Yukselturk Osman.Yukselturk@uwe.ac.uk
AHOD in PG Accounting & Economics Prog Cluster



Abstract

© 2011, Emerald Group Publishing Limited. PurposeThis paper critiques the recent anti-money laundering (AML) legislation in Turkey and the European Union (EU) in order to determine whether there is convergence between them. Given the fact that Turkey is a candidate country for the EU membership, harmonisation of Turkish and the EU AML frameworks has become increasingly important. These AML laws pose important responsibilities for the financial and legal sectors. Design/methodology/approachIn order to facilitate the evaluation process, the AML regimes examined are compared in regards to various aspects, such as criminalisation of money laundering, recording and reporting obligations, enforcement and sanctions mechanisms. Findings from activity reports from the regulatory bodies as well as semi-structured interviews conducted with relevant professionals are incorporated into the discussion. FindingsIt can be argued that the Turkish AML regime is in line with the EU AML framework. However, there is a need for government authorities to coordinate their efforts with the relevant independent regulatory professional bodies that represent the liable professionals in Turkey. While it is evident that each national regime in the EU has adopted a unique AML framework, minimum standards provided by international (e.g. the Financial Action Task Force) and regional (e.g. EU) instruments have been the main driving force behind all national laws. Practical implicationsThe involvement of professional regulatory bodies will enhance competence to monitor compliance and provide training mechanisms and guidance for liable professionals pertaining to AML regulations. Social implicationsEffectiveness of AML initiatives will enhance with improved cooperation and communication between the executive, law enforcement agencies and businesses. This will improve the reporting of suspicious financial activities and subsequent enforcement. Originality/valueThe paper provides an up-to-date account of the Turkish legal regime pertaining to AML and demonstrates its shortcomings whilst assessing it against the EU AML framework. The findings of the study contribute to the existing literature and shed light on areas for reform.

Journal Article Type Review
Publication Date Jul 19, 2011
Journal Journal of Money Laundering Control
Print ISSN 1368-5201
Electronic ISSN 1758-7808
Publisher Emerald
Peer Reviewed Peer Reviewed
Volume 14
Issue 3
Pages 279-296
APA6 Citation Türkşen, U., Ufuk Mısırlıoğlu, İ., & Yükseltürk, O. (2011). Anti-money laundering law of Turkey and the EU: An example of convergence?. Journal of Money Laundering Control, 14(3), 279-296. https://doi.org/10.1108/13685201111147577
DOI https://doi.org/10.1108/13685201111147577
Keywords Turkey, money laundering, European Union, financial crime, liability
Publisher URL http://dx.doi.org/10.1108/13685201111147577

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