Presidential Decision on Approval of Memorandum of Understanding Between the Financial Crimes Investigation Board of the Republic of Turkey (“MASAK”) and the Joint Financial Intelligence Unit of the Hong Kong Special Administrative Region of the People’s Republic of China (“JFIU”) Concerning Cooperation in the Exchange of Financial Intelligence Related to Money Laundering, Associated Predicate Offences and Terrorism Financing (“MoU”) is published in the Official Gazette dated February 2, 2022, and numbered 31738.
Within the framework of the MoU, which is intended to enhance and develop cooperation, MASAK and JFIU aim to cooperate to assemble, develop, and analyze information related to suspected money laundering, associated predicate offenses, and terrorism financing and to disseminate information that may ultimately result in investigations and prosecutions by competent authorities in their respective jurisdictions.
Accordingly, MASAK and JFIU undertake to exchange the broadest range of information accessible or obtained freely, spontaneously, or upon request, based on reciprocity. It is also specified that relevant documents of the Egmont Group and prevailing laws and regulations in MASAK’s and JFIU’s jurisdictions shall be considered when interpreting and applying the provisions of the MoU, and for matters outside the scope of the MoU, the parties may refer to Egmont Group documents.
Furthermore, MASAK and JFIU agreed to use their best efforts to include relevant factual and legal information to a request to be made as per the MoU, such as a description of the case under investigation, any potential link with the requested jurisdiction, and any need for urgency, to facilitate timely and efficient execution of the request. Pursuant to the MoU, MASAK and JFIU shall also include the grounds for the request, as well as the parties on whose behalf it was sent, and to the extent practicable, the intended use of the information collected because of the request. As a result, except to the extent required for executing the request or with the previous written approval of the requesting party, the party that information was requested from may not disclose it to third parties or for reasons not stated in the request.
Moreover, both MASAK and JFIU agreed that the party that information was requested from shall confirm receipt of the request and respond to it immediately. Based on reciprocity, the party that information was requested from in line with the MoU shall perform queries on behalf of the requesting party and disclose all information that would be available if the questions were conducted domestically. With this respect, the parties shall submit any information that they can receive or access for their domestic analysis, whether directly or indirectly pursuant to the MoU.
Additionally, the MoU specifies the constraints for the use of any information provided in response to a request made under the MoU. As per the MoU, the requesting party shall include warning notices on any information it provides to the law enforcement agencies named in the request for information, informing them that the information cannot be disclosed to any other party without the prior written consent of the party that information was requested from and that the information cannot be used as evidence in any proceedings. In case the requesting party is obligated by law to reveal the information it has obtained from the other party of the MoU, it shall notify the other party as soon as possible and seek written authorization to do so. If written consent is not granted, the requesting party shall take reasonable measures to ensure that the information is not to be shared with any third parties or that the disclosure is limited appropriately. The party that information was requested from shall not withhold written consent unreasonably.
Further, under the MoU, it is indicated that the information obtained under the MoU is confidential and shall be protected in the same way as official secrets and confidential information are protected under the information receiving party’s domestic laws and regulations.
Additionally, the party that information was requested from may refuse to give information to the requesting party in case it is evaluated that disclosing the requested information shall jeopardize an investigation or action in its jurisdiction or is otherwise forbidden by domestic laws and regulations. The MoU also specifies the circumstances in which the party that information was requested from may refuse to disclose information. It is also mentioned that if the party that information was requested from decides not to respond to a request, it shall notify the requesting party of its decision along with the corresponding reasons. However, pursuant to the MoU, MASAK and JFIU shall not refuse to assist because the request is related to fiscal matters, bank secrecy, or the nature or status of the requesting party.
Finally, it is required under the MoU that information to be sent in a secure manner and through reliable channels or mechanisms. Furthermore, MASAK and JFIU shall consider additional areas of collaboration in the prevention, detection, and deterrence of money laundering and terrorism financing.
Şafak Herdem, Esra Temur