Why Now? Turkey Launches Aggressive Financial Crime Crackdown as FATF Pressure Mounts

Turkey has launched sweeping financial crime investigations targeting Q Investment Bank and Ozan Electronic Money amid accusations of illegal lending, money laundering, and POS-based loan sharking. Top executives were detained, nearly ₺474 million in assets were seized, and the state appointed a trustee to take over operations. The timing raises a critical question: Why now? Analysts say the crackdown coincides with renewed international pressure on Ankara to enforce anti–money laundering reforms after being removed from the FATF grey list in 2024.

A Coordinated Crackdown: Turkey’s War on Financial Crime and the Informal Economy

Crackdown Begins with Q Investment Bank

The İstanbul Chief Public Prosecutor’s Office opened an investigation into Q Investment Bank, accusing the bank’s senior executives of illegally lending money at interest rates above those set by the Central Bank of the Republic of Türkiye (CBRT).

The Prosecutor’s Office stated that the bank’s management “generated unlawful profits by extending loans above CBRT benchmark rates.”

Those detained include:

• Ali Ercan – Chairman

• Mehmet Aydoğdu – CEO

• Businessperson Yasef Mitrani

This marked the start of a broader investigation into suspicious financial activity in Turkey’s fintech and banking sectors.

Operation Expands to Ozan Electronic Money: Asset Seizures and TMSF Intervention

The investigation then widened to Ozan Electronic Money A.Ş., resulting in the detention of 11 additional suspects and the seizure of assets worth approximately ₺474 million. Authorities seized real estate, vehicles, and company shares.

According to the Prosecutor’s Office and documents backed by MASAK (Turkey’s financial crimes watchdog), CBRT audit findings, and external independent reviews, Ozan Electronic Money allegedly served as a money laundering vehicle for illegal gambling proceeds, using a network of virtual POS systems to route illicit funds into the financial system.

Investigators concluded that the company intentionally kept its internal controls weak, ignored risky transactions from countries such as Libya and Iraq, and operated a structured financial crime operation rather than isolated violations.

As part of the probe, a trustee from Turkey’s Savings Deposit Insurance Fund (TMSF) was appointed to take over the company’s operations.

Insurance Company Used as Money Laundering Channel

The investigation uncovered another scheme linking Ozan Electronic Money to Aveon Global Sigorta A.Ş., an insurance company partly owned by Ozan Özerk. Funds were allegedly disguised as insurance premiums and moved through London-based Aveon Global Holding to enter the financial system as legitimate commercial transactions.

Authorities say the structure functioned as a multi-layered laundering pipeline.

Why Now? FATF Pressure and Political Tension Inside Ankara

The timing of these sweeping operations is raising questions in political and business circles.

According to columnist Nuray Babacan, the aggressive timing reflects Turkey’s concern over being placed back on the Financial Action Task Force (FATF) grey list, only months after successfully exiting it in June 2024. Turkey had promised comprehensive legislative reforms on money laundering and unregistered capital flows, but progress has stalled.

Babacan reports that reform efforts triggered internal pushback from powerful business groups that grew rapidly during the AKP era and resist new transparency requirements.

Economy officials, including Finance Minister Mehmet Şimşek, are reportedly under pressure to show tangible enforcement, not just legislative promises.

Şimşek recently stated:

“We know who manipulates the markets. New penalties for manipulation and unregistered financial flows are coming.”

Within the ruling party, some officials openly admit that operations targeting influential business figures are linked to preventing a return to the grey list.

2026 Declared “Reform Year” — But Real Reform Requires Self-Correction

Behind the scenes, the government is now preparing a reform package that would tighten:

• Oversight of public spending

• Supervision of state institutions and municipalities

• Enforcement of procurement rules

• Sanctions against market manipulation and unregistered funds

These changes would require the ruling bloc to curtail practices that critics say have been entrenched for years, such as political influence over state tenders, crony-capitalism–driven appointments, and weak financial oversight.

In other words, real reform would mean confronting the system the government itself built.

Conclusion

The arrests, asset seizures, and state takeovers are not random or isolated. They signal:

• International pressure demanding stricter anti–money laundering enforcement

• Domestic political tension around new transparency rules

• The beginning of a broader restructuring of Turkey’s financial governance

The key question persists:

Why now?
Because Turkey cannot afford to return to the FATF grey list — neither politically nor economically.

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