Mehmet Şimşek requested, Erdoğan did not approve: Regulation may be shelved
It has been claimed that the regulation requiring an explanation for money transfers of 200 thousand liras and above, and an inquiry form for those over 2 million liras, will not be approved by President Erdoğan.
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A draft communiqué prepared by the Financial Crimes Investigation Board (MASAK), which operates under the Ministry of Treasury and Finance, introduces a mandatory explanation requirement for money transfers.
The draft stipulates that an explanation of at least 20 characters must be written for transfers of 200,000 Turkish Lira and above, a query form must be filled out for transactions exceeding 2 million Turkish Lira, and for transfers over 20 million, documents regarding the source of the funds must be submitted in addition to the form. If approved, the regulation will come into effect at the beginning of 2026.
ANKA News Agency economy editor Zülfikar Doğan stated that it is difficult for the regulation in question to be implemented. Doğan said, "In terms of timing and whether there is political will behind it, it seems unlikely that the regulation will come into effect. It is highly probable that it will not be approved by President Erdoğan and will be rejected, postponed, or fail to come into effect at the beginning of 2026."
Doğan also reminded that Erdoğan has not implemented similar steps in the past. He stated, "Despite the law enacted in 2006, President Erdoğan has not published the 'tax havens' list for 19 years. For this reason, billions of dollars in transfers going from Turkey to tax havens or coming from abroad could not be tracked, and the 30 percent taxation could not be applied."
REMINDER OF THE "WHERE DID YOU GET IT" LAW
Doğan also recalled that as soon as the AKP came to power, it repealed the "Where Did You Get It" law, which had been enacted by the then-Minister of Finance Zekeriya Temizel. This law provided for the questioning of unregistered income and the proof of its source. According to Doğan, Erdoğan will not allow this regulation, which aims to determine income and expenses with a similar logic, either.
REGULATION MAY BE SHELVED
According to the allegations, Erdoğan will either not approve the communiqué prepared by MASAK at all or postpone its effective date to future years. Thus, the regulation prepared to combat money laundering and unregistered earnings will once again be shelved.
