Turkey revokes Papel license amid money laundering probe

money laundering cryptocurrency regulation license revocation financial crime MASAK

Turkey’s Central Bank has officially revoked the operating license of Papel Elektronik Para ve Ödeme Hizmetleri A.Ş. The decision follows a major investigation into an alleged 1.5 billion TL money laundering and illegal betting network. Prosecutors claim the company’s infrastructure was used to funnel criminal proceeds through various domestic and international entities. The state-run Savings Deposit Insurance Fund (TMSF) has been appointed as a trustee for the company.

Simultaneously, the Financial Crimes Investigation Board (MASAK) has introduced new regulations to tighten controls on terrorism financing and the proliferation of weapons of mass destruction. These updates include increased reporting thresholds for certain financial transactions and new obligations for financial institutions to immediately report and freeze transactions involving individuals or organizations listed by the United Nations Security Council.

In a separate assessment, the Financial Action Task Force (FATF) released a report on Turkey’s anti-money laundering efforts. While noting that Turkish financial institutions and cryptocurrency service providers generally understand their obligations, the FATF identified significant implementation gaps. Specifically, the report highlighted deficiencies in the monitoring of politically exposed persons (PEPs) and the reporting of suspicious transactions within the cryptocurrency sector.

Entities

Central Bank of the Republic of Turkey · China · Financial Action Task Force · Financial Crimes Investigation Board · Papel Elektronik Para ve Ödeme Hizmetleri A.Ş. · Turkey · United Nations Security Council

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] The Central Bank of the Republic of Turkey revoked the electronic money operating license of Papel Elektronik Para ve Ödeme Hizmetleri A.Ş. www.ekoturk.com · www.takvim.com.tr
[● 2 SOURCES] MASAK increased certain financial reporting thresholds, raising the 10,000 TL limit to 20,000 TL and the 25,000 TL limit to 50,000 TL. www.ekoturk.com · www.gazetepencere.com
[● 2 SOURCES] MASAK issued new regulations requiring obligors to report transactions linked to individuals or organizations on UN Security Council sanction lists. www.ekoturk.com · www.gazetepencere.com
[○ 1 SOURCE] An investigation by the Istanbul Chief Public Prosecutor's Office uncovered a money laundering and illegal betting network involving Papel with a volume of 1.5 billion TL. www.takvim.com.tr
[○ 1 SOURCE] Anti-dumping measures were imposed on the import of connection boxes used for Chinese-origin solar panels. www.ekoturk.com