The Turkish Parliament is preparing to give the Financial Crimes Investigation Board (MASAK) the power to immediately freeze bank accounts linked to suspicious transactions, Turkish Minute reported.
The 20-article bill would allow MASAK to monitor and intervene in financial operations in real time. Officials say the measure follows recommendations from the Financial Action Task Force (FATF), the global watchdog on money laundering and terrorist financing.
The proposal comes amid a series of high-profile corporate seizures based on MASAK findings that have alarmed the business community. Since September prosecutors have confiscated hundreds of companies, including Can Holding, the Ciner Group and the İstanbul Gold Refinery, according to the Financial Times. The Savings Deposit Insurance Fund (TMSF), which manages companies placed under trusteeship, now controls more than 1,000 businesses — up from 675 a year ago.
The new bill also strengthens penalties for money laundering, illegal gambling and cyber-fraud while expanding financial police oversight of unexplained transactions. Banks and financial institutions would be required to tighten customer verification and reporting of suspicious activity.
Authorities present the reforms as part of efforts to enhance financial transparency. However, critics argue that the timing of the move reinforces concerns about the government’s growing control over private enterprise. The latest seizures have targeted companies once seen as politically connected, raising questions about selective enforcement and the independence of regulatory bodies.
Analysts told the Financial Times that the crackdown may be intended to project toughness on corruption while consolidating power over key sectors of the economy. Assets currently under TMSF control were valued at about 328 billion lira ($8 billion) at the start of the year.
