“Precautions of Laundering Illicit Money”
European University of Lefke (EUL) Faculty of Economic and Administrative Sciences Department of Banking and Finance organized a conference titled “Precautions of Laundering Illicit Money”. Head of TRNC Central Bank Supervision and Inspection Board Türker Deler attended the conference as a speaker. Deler conveyed detailed information on the works of Financial Information Acquisition Unit and Board for the Prevention of Money Laundering to the students.
Deler: At that time, meetings were held on a monthly basis to take measures in the field of illicit money
Deler said that prevention of Laundering Illicit Money journey of the T.R.N.C started with the Law No. 55/1999 on the prevention of money laundering by the Ministry of Finance and Reconstruction Fund Affairs Department of the Ministry of Finance in 1999 and added that the Board of Directors was composed of the Undersecretary of the Ministry of Finance, and the representatives of the Office of the Money and Exchange Department, the General Directorate of the Police, the Central Bank and the Customs Office and at that time, meetings were held on a monthly basis to take measures in the field of illicit money.
Deler also said that between 1999 and 2007 Financial Action Task Force was formed in the Republic of Turkey which is a founding member and was provided by the Financial Crimes Investigation Board and added that necessary steps were taken to adapt to the 40 recommendations issued by Financial Action Task Force, both through training and technical support. Deler said that “However, in 2007, the name of the TRNC was among the countries that had problems in Laundering Illicit Money by FATF and therefore, MASAK prepared a presentation on the work of the TRNC and this presentation was requested to be shared with the member countries during the meeting of FATF in Strasbourg, France”.
Deler: In the FATF meetings, the deficiencies and weaknesses of the TRNC law and the communiqués issued under the law were included in the agenda
Deler stated that in the FATF meetings which were held once in every four month, the deficiencies and weaknesses of the TRNC law and the communiqués issued under the law were included in the agenda. Deler further added that following the 4th Communiqué on the Prevention Laundering Illicit Money and the 4 communiqués issued under this Law, it was decided that the TRNC will be removed from the countries with a risk of money risk after the FATF meeting in October 2008. Deler also said that “This decision was announced to the whole world from the web page of FATF”. Deler said that “Following this process, the supports were provided to the Board of the Prevention of Laundering of Proceeds of Crime which composed of 5 members formed by the new Law by the Financial Information Acquisition Unit formed under the scope of Money and Exchange Department, Law No. 4/2008 on Prevention of Money Laundering and 4 new Communiqués enacted under this Law.
”Suspicious Transaction Notifications” are the most important indicators that the mechanism works accordingly with its aim
Deler said that the Financial Information Acquisition Unit (MABEB) and the Board that are still working on the issue in our country in a dynamic way, tried to give the message of how important duties they had to reach in reaching all responsible groups and preventing money laundering financing with the EU and MASAK supported awareness trainings and seminars in 2018 and 2019. Deler also stated that “When the statistical data related to the subject are examined, the increase trend seen in the Suspicious Transaction Notifications sent by the responsible groups and the measures taken in relation to them are the most important indicators that the mechanism works accordingly with its aim”.
Deler said that Prevention of Laundering of Proceeds of Crime was completed with the technical supports of EU-TAIEX experted. He also said that Draft Law on Prevention of Laundering of Criminal Proceeds prepared in accordance with international standards, EU Directives and new recommendations adopted by the Financial Action Task Force (FATF) in 2012 was sent to the Assembly of the Republic and was submitted to the Council of Ministers and that it was being discussed at the Parliament’s sub-committee.