It covered 200,000 TL and above: New decision regarding MASAK's money transfer regulation!

The new money transfer regulation that the Financial Crimes Investigation Board (MASAK) planned to implement at the beginning of the year has been postponed. The effective date of the practice, which introduces a mandatory explanatory declaration for transactions of 200,000 TL and above, will be redetermined.

NEW DECLARATION REGULATION ON HOLD

According to the draft communiqué prepared by MASAK, which is affiliated with the Ministry of Treasury and Finance, it was envisaged that as of January 1, an explanation regarding the reason for the transfer and the source of the funds would be required for EFT, wire transfers, and cash transactions exceeding 200,000 TL.

GRADUAL IMPLEMENTATION PLANNED BASED ON AMOUNT

In the draft regulation, it was planned to introduce a declaration requirement for transactions over 200,000 TL and to require the completion of a "Cash Transaction Declaration Form" for transfers exceeding 2 million TL. For transactions exceeding 20 million TL, it was envisioned that the form would be supported by detailed explanations and supporting documents.

EFFECTIVE DATE POSTPONED

However, the plan for the regulation to enter into force on January 1 has changed. It was stated that work on the implementation will continue for some time, and therefore the effective date has been postponed to a later date. It was noted that the regulation aims to increase traceability in money transfers within the scope of combating money laundering and the financing of terrorism.

News Source: 12punto