PUBLIC INFORMATION ANNOUNCEMENT - MINISTRY OF FINANCE - TURKISH REPUBLIC OF NORTHERN CYPRUS, COMMITTEE FOR THE PREVENTION OF MONEY LAUNDERING

MINISTRY OF FINANCE

TURKISH REPUBLIC OF NORTHERN CYPRUS

COMMITTEE FOR THE PREVENTION OF MONEY LAUNDERING

PUBLIC INFORMATION ANNOUNCEMENT

The Financial Intelligence Unit (MABEB) of the Department of Monetary, Exchange and Development Fund Affairs, pursuant to Law No. 1/2024 on the Prevention of Money Laundering, the Financing of Terrorism and the Proliferation Financing, has conducted investigations and analyses. As a result, the Board and MABEB have observed a significant increase, particularly in recent periods, in reports submitted on the suspicion that bank accounts belonging to all natural and/or legal persons, including students, housewives and other persons without regular income, are being used by and/or on behalf of different individuals, thereby facilitating illegal transactions.

In this context, the aforementioned persons are hereby warned to exercise due care and diligence to ensure that their bank accounts are not made available to third parties and/or that they do not permit the use of their accounts, and to avoid becoming involved in or facilitating any criminal activity.

The Financial Intelligence Unit (MABEB), which is responsible for the implementation of Law No. 1/2024 on the Prevention of Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction, has identified that numerous transfers and remittance transactions inconsistent with the account holders' declared occupation, income, age group and similar profiles have been carried out. In particular, funds transferred by persons deemed to have no apparent connection with the account holders into accounts belonging to all natural and/or legal persons, including students, housewives and other persons without regular income, have been continuously forwarded to third parties, with only a small portion retained in the accounts.

Analyses conducted by MABEB indicate that the owners of such accounts, which are used by different individuals and/or for transactions on behalf of others, may be subject to suspicion of and/or allegations of facilitating illegal activities and/or the laundering of criminal proceeds.

Therefore, it is emphasised that natural or legal persons who consent to the use of their bank accounts by and/or on behalf of different persons and who facilitate illegal activities and/or the laundering of proceeds of crime are subject to judicial and administrative sanctions under the Prevention of Money Laundering legislation within the jurisdiction of the Turkish Republic of Northern Cyprus.

The Prevention of Money Laundering Board and MABEB hereby announce to the public the necessity of raising awareness and providing information regarding the risks and adverse consequences that may arise for individuals who allow their bank accounts to be used by and/or on behalf of different persons.