MASAK ex-deputy: Agency did not stop 401 billion lira fund transfers

Former MASAK Vice President Ramazan Başak claimed in an investigation into fund embezzlement that a significant portion of the 401 billion lira in illicit gains could have been prevented from leaving the country; however, the Financial Crimes Investigation Board (MASAK) did not take the necessary steps.

In a statement to Sözcü Newspaper, Başak emphasized that following the guide published by the SPK on August 28, MASAK should have warned banks and other obligated entities. Başak stated that there were serious indicators during the September 1-16 period and that MASAK was in a position to warn obligated entities about "illicit gains being transferred abroad and outside the system."

Pointing out that Article 19/A of Law No. 5549 allows for the postponement of transactions in case of suspicion in terrorism financing and money laundering, Başak argued that the transfer could have been halted if a suspicious transaction report had been filed.

Citing MASAK's president's statement that "We cannot see these transfers instantly at banks; we can become aware of them through suspicious transaction reports," Başak said, "Are you saying 'If it is not reported, I bear no responsibility'? That means you did not do your duty properly."

Başak also added that the obligated entities that led to the 401 billion lira transfer should be investigated by MASAK. Reference was also made to the case of Amazon CEO Jeff Bezos, which had been raised in Wire before: According to a major importer company, MASAK had requested a wet-signed and apostilled copy of Amazon's founder's passport and had informed them that sales could not be made otherwise.