
With the new communiqué published by the Ministry of Treasury and Finance, monetary limits for prepaid cards, life insurance and retirement plans were rearranged.
AI-generated summary
MASAK is an institution that supervises and regulates financial transactions in order to prevent laundering of proceeds of crime. Within the scope of UNSC decisions, the authority to freeze assets belongs to the Presidency.
The "Communiqué on Amendments to the General Communiqué of the Financial Crimes Investigation Board" of the Ministry of Treasury and Finance entered into force after being published in the Official Gazette.
UPDATE ON PREPAID CARD LIMITS
Accordingly, the limits have been updated for transactions related to retirement contracts and retirement plans that provide employees with retirement rights by deducting their wages, and life insurance contracts with an additional premium of up to 20 thousand liras in total premiums to be paid within a year and a premium amount below 50 thousand liras.
An update has been made to the limits of prepaid cards, which are account tracked based on the number on them, are anonymous, can be used by paying or loading in advance, and are allowed to be used up to the loaded balance.
WIDE MOVEMENT AREA
Monetary limits were also updated in line with the needs of the sector. Thus, monetary limits were increased in life insurance contracts, prepaid cards, electronic money issuance and payment service transactions, where simplified measures can be applied, and obliged parties were provided with a wider area of action in terms of these transactions.
According to the General Communiqué of the Financial Crimes Investigation Board, it is aimed to announce the information regarding the persons, institutions or organizations subject to the decisions of the United Nations Security Council (UNSC) on MASAK's website in order to ensure that the necessary measures are taken immediately by the obliged parties, including the postponement of the transactions within the scope of the Law on Laundering Proceeds of Crime.
Currently, the President has the authority to decide on freezing of assets within the scope of UNSC decisions, but the Communiqué does not foresee any changes in this regard. This regulation aims to contribute to increasing the awareness of UNSC decisions among the obliged parties.
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The Ministry of Treasury and Finance made changes to the MASAK circular and increased the monetary limits in retirement, life insurance and prepaid card transactions. The regulation also aims to facilitate the follow-up of UNSC decisions by obliged parties.

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