Frequently Asked Questions

In the narrow sense, foreign exchange means foreign currency and payment instruments denominated in foreign currency. Decree No. 32 on the Protection of the Value of Turkish Currency (32 sayılı Karar) uses foreign currency and foreign exchange synonymously: every kind of account, document and instrument that enables payment in foreign currency, including foreign currency banknotes (efektif).

The regime is the policy that determines the state's approach to foreign exchange transactions; it may be strict, liberal or mixed. The legislation, on the other hand, is the body of rules that puts that policy into practice. When the choice of regime changes, the legislation changes; a change in the legislation does not by itself change the regime.

The Law does not itself regulate foreign exchange transactions in detail; it grants the President regulatory authority and sets the sanction for breaches. In this respect it is a framework and enabling law. Law No. 7555 dated 20 July 2025 also brought the refining and domestic purchase and sale of precious metals within its scope.

It is Council of Ministers Decree No. 89/14391 dated 7 August 1989, published in the Official Gazette on 11 August 1989; since 2018 it has been amended by Presidential Decisions (Cumhurbaşkanı Kararı). It takes freedom in foreign currency and foreign-currency-linked assets as the basis, but subjects that freedom to state supervision. Because it is the basis for regulations, communiqués (tebliğ) and circulars (genelge), it is regarded as the constitution of foreign exchange law.

There are three tiers. The Law is enacted by the Grand National Assembly of Türkiye; decisions are taken by the President; regulations, communiqués and circulars are issued by the Ministry of Treasury and Finance. The Central Bank may make rules only within the powers expressly granted to it in Decree No. 32.

Not on its own initiative. The Central Bank is not the body that establishes the regime at the primary level, but a technical authority that makes secondary regulation within the powers granted to it in Decree No. 32. Because in practice most transactions are carried out under CBRT circulars, this boundary is debated.

No. A circular explains how a communiqué is applied; it cannot conflict with the law, regulation or communiqué, cannot create a new obligation, and cannot impose a restriction not found in the higher norm. Otherwise a problem arises in terms of the hierarchy of norms.

A communiqué contains provisions and exceptions that bind persons directly. A circular, on the other hand, shows how the communiqué is to be applied; technical detail, documentation arrangements and bank practice are set out there. In short: the communiqué lays down the rule, the circular explains it.

No. The legislation covers society as a whole; what varies is the level of contact. Exporters, importers, banks, authorised institutions (yetkili müessese) and precious metal traders are directly subject to it in their daily transactions. Others are affected indirectly through exchange rate and price effects.

Foreign currency is the collective name for foreign money and for accounts and documents denominated in it; transfers, cheques and electronic money are also foreign currency. Foreign currency banknotes are foreign currency in the form of banknotes. In everyday speech, "foreign currency" is mostly understood to mean banknotes.

Decree No. 32 lists four metals: gold, silver, platinum and palladium of every type and form. Precious metals came within the scope of the Law with the 1954 amendment; in 2025, refining and domestic purchase and sale were also added to its scope.

Decree No. 32 lists eight stones: diamond, brilliant, ruby, emerald, topaz, sapphire, peridot and pearl. Items made of, or containing, precious metals or these stones are separately defined as valuables.

Under Decree No. 32, persons resident in Türkiye (Türkiye'de yerleşik kişi) are natural and legal persons whose legal place of residence is in Türkiye. Turkish citizens working abroad as employees, self-employed professionals or independent business owners are also within this scope. What is decisive is not citizenship but place of residence.

Natural and legal persons who are not regarded as resident in Türkiye. The definition is framed negatively: everyone who does not have a legal place of residence in Türkiye is within its scope. Nationality is not decisive — a foreign national may be regarded as resident in Türkiye.

Decree No. 32 lists these persons expressly: Turkish citizens abroad who are employees, self-employed professionals or independent business owners are regarded as resident in Türkiye. Being abroad does not change their status.

For legal persons, too, the criterion is the legal place of residence; the nationality of the company or the citizenship of its shareholders is not decisive. CBRT Communiqué No. 2023/5 (Communiqué on Supporting the Conversion into Turkish Lira of Foreign Currency of Foreign Origin Held by Firms, Article 3(c)) likewise defines a firm as "a firm having legal personality whose legal place of residence is in Türkiye".

It depends on the rule being applied. The general criterion is the legal place of residence; however, because free zones are regarded as outside the Customs Territory of Türkiye, the CBRT Capital Movements Circular treats firms resident in a free zone as non-resident for the purposes of that Circular (Article 18(3)). By contrast, the Export Circular uses the expression "importing firms resident in Türkiye operating in a free zone" — in other words, residence is determined in each transaction according to the definition in the relevant circular.

Foreign exchange legislation (kambiyo mevzuatı) is shaped largely by residence status. In contracts and payments in foreign currency, different rules, responsibilities, restrictions and prohibitions apply depending on whether the parties are resident in Türkiye. Persons who do not fall within this definition cannot be held responsible.

There is no limit on the amount. However, when a traveller takes out foreign currency banknotes exceeding EUR 10,000 or its equivalent, or Turkish currency exceeding TRY 185,000, a cash declaration (nakit beyanı) must be made to the customs administration on the Cash Declaration Form.

There are two separate thresholds: for foreign currency banknotes — that is, foreign currency in the form of banknotes — EUR 10,000 or its equivalent; for Turkish currency, TRY 185,000. For exits by travellers exceeding the threshold, the Cash Declaration Form published by the Ministry of Trade is completed.

The assets are detained by the customs administration, the case is treated as suspicious and reported to the Financial Crimes Investigation Board (Mali Suçları Araştırma Kurulu, MASAK), and a notification is made to the public prosecutor's office so that action can be taken under Law No. 1567 on the Protection of the Value of Turkish Currency (1567 sayılı Türk Parasının Kıymetini Koruma Hakkında Kanun). This is not a permit system but a notification obligation.

Jewellery items belonging to the traveller and not intended for commercial purposes may be taken out freely up to USD 15,000. Items of higher value may be taken out if they were declared on entry or if it is documented that they were purchased in Türkiye.

No declaration is required up to USD 15,000. For jewellery above this amount to be taken abroad, it must have been declared on entry into Türkiye or it must be documented that it was purchased in Türkiye.

Jewellery may be brought in freely up to USD 15,000. However, gold bars (unprocessed gold) cannot be brought in by travellers; the import of unprocessed precious metals is subject to special rules and is carried out only by precious metals intermediary institutions (kıymetli madenler aracı kuruluşu).

It is made to the customs administration at the customs office of exit. The document used is the Cash Declaration Form published by the Ministry of Trade. The declaration is not an application for a permit but an obligation to give written notification.

Yes. There is no limit on the amount of foreign currency and Turkish lira that may be brought into Türkiye. Selling the foreign currency brought in to a bank is also generally not mandatory (subject to the sale requirement applied from time to time to export proceeds (ihracat bedeli) under the CBRT Export Circular); persons resident in Türkiye may hold their foreign currency, keep it in an account or use it as banknotes.

Yes. Persons resident in Türkiye and non-residents are free to have foreign currency transferred abroad through banks. However, transfers exceeding USD 50,000, other than those for imports, exports and invisible transactions, are reported by the banks within 30 days.

For the transfer of an import payment (ithalat bedeli), the documents vary according to the payment method. In payments on a cash against goods (mal mukabili ödeme) basis, the transfer is based on the customs declaration lodged. In addition, the source of the payment is documented: bank funds, foreign currency deposit account, credit card, offsetting or credit.

It is not prohibited, but it is a practice to be avoided. Company transactions should not be conducted through personal accounts; in an inspection, a mismatch between the commercial nature of the transaction and the holder of the account creates a situation that is hard to explain. This is one of the basic rules of banking discipline.

They should not be. One of the basic rules of discipline in transactions through banks is that instructions are given in writing, not orally. In a later dispute or inspection, the written instruction is the only concrete evidence the company has.

Payments abroad should be made with descriptions that match their commercial nature. No separate sanction specific to an incorrect description has been laid down; however, if the description conceals the true nature of the transaction and thereby results in a breach of foreign exchange legislation, an administrative fine may be imposed under Article 3 of Law No. 1567. A mismatch between the description and the true nature of the transaction is one of the first things noticed in an inspection.

It falls within invisible transactions and can be made freely through banks. Freight, insurance, interest, licence and royalty payments fall within this scope. Payments for invisible transactions are excluded from the USD 50,000 reporting threshold.

Yes, they fall within the scope of foreign exchange legislation — but they are free. Payments for invisible transactions such as freight, insurance, interest, licence fees and royalties are made freely through banks; no separate permit is required for these transactions.

Under the import regime, there is no requirement to bring the foreign currency into Türkiye, no time limit and no closure obligation. For this reason, no account-closure sanction of the kind that applies to exports arises. Any consequences that may arise under tax and customs legislation are reserved.

Because in foreign exchange transactions banks act as intermediaries and, in practice, as preliminary controllers. Sanctions under Article 3(1) of Law No. 1567 are also applied to the bank or banker that carries out a transaction in breach of foreign exchange legislation.

As a rule, natural persons resident in Türkiye may not use foreign currency loans, either from Türkiye or from abroad. Companies may use them; however, the foreign currency income requirement, notification obligations and the exceptions listed in the legislation apply.

As a rule, it cannot. The exceptions listed in the legislation are reserved. Among these, for a loan used on the basis of expected foreign currency income, it is mandatory to declare to the intermediary bank that there has been no foreign currency income in the last three financial years; after a loan is used on this basis, there is a ban on doing so again for three financial years.

No, they are different and their regimes are not the same either. Foreign-currency-indexed loans cannot be extended to persons resident in Türkiye; foreign-currency-indexed loans cannot be obtained from abroad either. A foreign currency loan, by contrast, is possible when its conditions are met.

For real property in Türkiye — including residential properties and roofed workplaces — it cannot, as a rule, be agreed. The main exceptions are: the lease of accommodation facilities certified by the Ministry of Culture and Tourism for operation, the lease of duty-free shops, and contracts in which the tenant is a person resident in Türkiye who has no citizenship link with the Republic of Türkiye.

As a rule, no. In employment contracts between persons resident in Türkiye, the consideration cannot be agreed in foreign currency or indexed to foreign currency. The main exceptions are: work to be performed abroad, contracts to which seafarers are party, employment contracts to which persons resident in Türkiye who have no citizenship link with the Republic of Türkiye are party, and contracts in which the employer is a branch, representative office or company in which non-residents hold fifty per cent or more of the shares, or a company in a free zone.

No. In sale contracts for real property in Türkiye — including residential properties and roofed workplaces — the price and other payment obligations cannot be agreed in foreign currency. Cases where the buyer is a person resident in Türkiye who has no citizenship link with the Republic of Türkiye are an exception.

The restriction on foreign-currency-denominated contracts (dövizle sözleşme yasağı) covers not only the contract price but also other payment obligations arising from these contracts. Therefore, in a contract within the scope of the restriction, agreeing the price in foreign currency and making the payment in Turkish lira does not take it outside the restriction.

The Circular separately lists the proceeds left at the exporter's free disposal: exports of services, micro-exports and a certain proportion of exports to the countries in Annex 3. In addition, an exemption is granted for the countries in Annex 2 and for certain institutions.

Yes. The proceeds may be in Turkish currency or foreign currency; payment in a currency different from the one declared is also possible. In exports made in Turkish lira, the contract and invoice must state TRY; TRY is the rule for exports to the TRNC.

Yes. The proceeds may be sent by the buyer or by third parties. In addition, foreign currency received in favour of the manufacturer or supplier registered in the customs declaration may be accepted as export proceeds upon a written statement by the manufacturer or supplier and the exporter; if there is no such entry in the declaration, the sales invoice is also submitted. For transfers from accounts abroad, the account movements are checked.

It is the deduction of expenses such as freight, insurance and import payments from export proceeds; the Circular separately regulates the time limits and conditions for offsetting. If the price increases after the actual export, the difference is accepted; if it decreases, it is not taken into account.

The export against an advance payment must be carried out within 24 months. If the export is not made in time and the full advance amount is not refunded in a single payment within this period, the pre-financing provisions apply; in cases of force majeure or justified circumstances, the bank may grant an additional period of up to 1 year. The portion of the amount not exported in time or not refunded in a single payment that does not exceed USD 50,000 is not subject to the pre-financing provisions.

It is the document issued by the bank upon the repatriation of export proceeds (ihracat bedelinin yurda getirilmesi), as the basis for closing the export account. The power to issue it belongs only to banks; authorised institutions cannot issue an export proceeds acceptance certificate (ihracat bedeli kabul belgesi, İBKB).

The DAB is a general document showing the bank's foreign currency purchase transaction — that is, that foreign currency has been converted into Turkish lira. It may also be used when export proceeds are repatriated. The İBKB, by contrast, is specific to export proceeds.

It is decisive in three places: in determining the proceeds, the amount in box 22 is taken as the basis, and in the event of a discrepancy the US dollar value in box 46 is used; box 28 determines at which bank the account will be closed; and its submission is mandatory for closing the account.

In advance payments, the account is closed with the bank that accepted the proceeds; in other cases, with the bank named in box 28 of the customs declaration. The exporter is responsible for collecting the proceeds; banks are under a monitoring obligation.

Yes. Decree No. 32 regulates the import, export and domestic purchase and sale of precious metals. In addition, purchases and sales in precious metal deposit accounts without physical delivery are also expressly regarded as foreign exchange transactions.

Standard and non-standard unprocessed precious metals may be imported only by the Central Bank and precious metals intermediary institutions. Imported metals are delivered to Borsa İstanbul within three business days; under the Inward Processing Regime (Dahilde İşleme Rejimi), in a customs warehouse and in a free zone, notification is required instead of delivery.

Standard unprocessed gold (standart işlenmemiş altın) is gold of at least 995/1000 fineness in the form of bars or bullion whose characteristics are determined by the Ministry. Non-standard gold is gold bullion, bars, doré bars, granules, powder or scrap below this fineness.

It is a unit of measurement of one part per thousand. In assay office (ayar evi) inspections, the tolerance range is expressed in millesimal fineness (milyem): ±1 per thousand for gold, platinum and palladium, and ±2 per thousand for silver.

Neither is the term used in the legislation: the correct term is precious metal deposit account. The Central Bank and banks may open this account on behalf of persons resident in Türkiye and non-residents; holders dispose of it freely and interest rates are set freely.

It is the regulated market in which precious metals, capital market instruments based on them, and precious stones are bought and sold. According to their types and operating principles, it is divided into markets, sub-markets, platforms and systems; clearing transactions are carried out by the Clearing Centre within the Exchange.

A refinery, within the framework of the Ministry's rules, is an entity included in the refinery list determined by the Exchange whose precious metals will be traded on the Exchange. Being on the list is a condition for the refinery's products to be traded on the Exchange.

It means that a precious metal is traceable and auditable from its source. The procedures and principles are determined by the Exchange with the favourable opinion of the Ministry. Conformity is documented by an Independent Assurance Report prepared by an authorised independent audit firm and carrying a reasonable assurance level.

Bringing goods in without a declaration may constitute the offence of smuggling even if their import is free. The Criminal General Assembly of the Court of Cassation reversed the judgment in a case where 27 kg of scrap gold was seized in a hidden compartment of a bus: even if the import of gold is free, a declaration to the customs administration is mandatory.

It is characterised as smuggling. The Court of Cassation held that a conviction was required for a traveller who tried to pass 3 kg of non-standard gold ingots through the green channel: the judgment emphasised that the import of unprocessed gold is subject to the conditions of Exchange membership, declaration and delivery to the Exchange within three business days; these conditions cannot be met by a traveller.

Not always. The Criminal General Assembly of the Court of Cassation delivered an acquittal in a case where 30 kg of gold bars were found in a vehicle at the Syrian border: because the defendant had not yet been invited to declare, the acts of execution had not begun and the conduct remained at the preparatory stage. Preparatory acts are not punishable.

Quantity creates a presumption; it is not evidence in itself. The Constitutional Court did not find the commercial-purpose assessment for 12.7 kg of white gold arbitrary; the Court of Cassation, for its part, held that jewellery worth USD 22,588 could not be confiscated unless a commercial purpose was proven.

It is not presumed automatically. The Criminal General Assembly of the Court of Cassation delivered an acquittal for a transit passenger with 16.8 kg of gold bars in his suitcase, who did not speak the language and had not been informed: where intent has not been formed, the perpetrator cannot be punished.

It does not. The green channel is a statement that one has no goods subject to declaration; passing through the green channel with goods subject to declaration means failing to make a declaration. The Court of Cassation regarded this as smuggling in the case of a traveller who tried to pass gold through the green channel.

A fineness report (ayar raporu). When importing non-standard unprocessed precious metals, submission of a fineness report to the customs administration is mandatory, and as a rule this report may be issued only by the General Directorate of Mint and Stamp Printing House (Darphane). For imports of up to 5 kilograms under the Inward Processing Regime, reports from private assay offices may be accepted.

The distinction depends on whether the metal is standard. Under the Inward Processing Regime, standard unprocessed precious metals may be imported only by the Central Bank and precious metals intermediary institutions; the import of non-standard unprocessed precious metals, by contrast, is free.

In each import transaction, standard unprocessed gold not exceeding 40 kilograms or standard unprocessed silver not exceeding 200 kilograms. This option is granted only for imports under the Inward Processing Regime.

No. In imports of unprocessed precious metals made by intermediary institutions under the Inward Processing Regime, there is no requirement to deliver to the Exchange; instead, it is mandatory to inform the Exchange in writing within three business days. The general rule is delivery within three business days.

It is the abbreviation of Mali Suçları Araştırma Kurulu (Financial Crimes Investigation Board). Its legal basis is Law No. 5549 on the Prevention of Laundering Proceeds of Crime (11 October 2006). The purpose of the Law is to prevent assets derived from crime from being introduced into the financial system and to combat the financing of terrorism.

For Turkish nationals, an identity card, driving licence or passport and official identity documents bearing a Turkish identity number; for non-Turkish nationals, a passport, residence permit or an identity document deemed appropriate by the Ministry. In a permanent business relationship, the address is also verified.

It means the natural persons who carry out transactions with an obliged party (yükümlü), and the natural persons who ultimately control, or have ultimate influence over, those on whose behalf transactions are carried out. For companies registered in the trade registry (ticaret sicili), the criterion is natural-person shareholders holding more than twenty-five per cent of the capital.

It is a business relationship that by its nature has an element of continuity, established because of services such as opening an account, granting a loan or credit card, safe deposit boxes, financing, factoring, financial leasing, life insurance or private pensions. Identification is mandatory when it is established, regardless of the amount.

By adding them together. If the total amount of a single transaction or of several linked transactions is TRY 370,000 or more, identification is mandatory; for electronic transfers and crypto-asset transfers the threshold is TRY 30,000. The threshold is calculated on the total, not per transaction.

Persons who are graduates of four-year higher education, Turkish citizens, have not been convicted of the listed offences, have worked for at least five years in financial institutions or as audit staff, and are registered in the compliance officer register after passing the authorisation examination. They cannot be a qualifying shareholder or manager of the obliged party.

Eight years. The period runs from the date of issue for documents, from the date of the last entry for books and records, and from the date of the last transaction for documents relating to identification. Documents relating to suspicious transaction reports (şüpheli işlem bildirimi) and internal reports are also within this scope.

It is reported to MASAK within ten business days at the latest from the date on which the suspicion arises; immediately where delay would be prejudicial. Certain knowledge is not required for a report — any information, suspicion or matter giving rise to suspicion is sufficient. There is no amount requirement.

No. Obliged parties may not disclose that a report has been made to anyone, including the parties to the transaction, other than audit staff and the courts during proceedings. Breach is a criminal offence: imprisonment from one to three years and a judicial fine of up to five thousand days are imposed.

A breach of Law No. 5549 results in an administrative fine. If a single act breaches both the foreign exchange and the anti-laundering legislation, the notional concurrence rule in Article 15 of the Law on Misdemeanours (Kabahatler Kanunu) applies; the fine is generally imposed under Law No. 1567, because the rate under Law No. 5549 is lower.

The administrative courts. Administrative fines imposed under Law No. 5549 are challenged before the administrative courts. This is the exact opposite of foreign exchange fines: for fines under Law No. 1567, the remedy is not the administrative courts but the criminal judgeship of peace (sulh ceza hâkimliği).

An obliged party that fails to report a suspicious transaction is given an administrative fine of TRY 50,000. If the obliged party is a bank, an authorised institution or one of the other listed financial institutions, the fine is applied twice over, provided that it is not less than five per cent of the transaction amount. No warning period is given first for this breach.

It works in stages. First, a written warning and a period of at least thirty days; if the deficiency is not remedied, TRY 500,000; then at least sixty days; if it is still not remedied, twice the fine; if another thirty days pass, a notification is made to the relevant authority for suspension of activities or revocation of the licence.

Yes. For each obligation, the total annual fine may not exceed TRY 40 million for obliged parties whose fines are applied twice over, and TRY 4 million for others. If an obliged party that received a fine at the upper limit commits a breach of the same kind the following year, these limits are doubled.

No administrative fine may be imposed once eight years have passed from the date on which the obligation was breached. The period starts to run not from the date on which the breach was detected but from the date on which the breach occurred.

At most seven business days. An obliged party that makes a report with a request for postponement refrains from the transaction until the Minister's decision is notified; if the decision is not notified within this period, the transaction may be carried out. Anyone who carries out a transaction contrary to the decision is fined an amount equal to the transaction amount.

No, the threshold has risen over time: TRY 20,000 in 2008, TRY 75,000 in 2021, TRY 85,000 in 2022, TRY 185,000 on 1 February 2023 and TRY 370,000 since 7 October 2026. Over the same period, the threshold for electronic transfers rose from TRY 2,000 to TRY 30,000.

A criminal penalty arises. In transactions requiring identification, a person who acts in their own name but on behalf of another, and who does not disclose in writing before the transaction on whose behalf they are acting, is punished with imprisonment from six months to one year or a judicial fine of up to five thousand days.

Yes. Cargo companies and Posta ve Telgraf Teşkilatı A.Ş. are listed as obliged parties in the Regulation on Measures. They are not financial institutions or designated non-financial businesses and professions (DNFBPs); however, they are required to appoint a compliance officer exclusively.

These are countries that do not have adequate regulations on combating laundering and the financing of terrorism, or that are regarded as risky by international organisations, and that are announced by the Ministry. Special attention is paid to business relationships with persons resident in these countries, and information on the purpose of the transaction is gathered and recorded.

In two ways. Either Tax Inspectors and Treasury Controllers carry out examinations and investigations on the basis of Additional Article 1 of Law No. 1567; or, as with export proceeds, the intermediary bank reports the open export account to the tax office within five business days from the end of the period.

For an export account notification, the period is 90 days. The tax office sends the exporter a 90-day warning notice; the open account must be closed within this period or within any additional periods granted. Accounts that are not closed are referred to the public prosecutor's office.

It does not mean that criminal proceedings have been brought. Here the prosecutor is the authority that decides on the administrative fine; the prosecutor does not open an investigation ex officio, but decides only on the file referred to him. After the decision, the remedy is the criminal judgeship of peace.

The order is clear: smuggling legislation is looked at first. The Law states that a foreign exchange administrative fine is to be applied if the act does not constitute an offence or misdemeanour under Law No. 5607, the Anti-Smuggling Law (Kaçakçılıkla Mücadele Kanunu). In practice, the element that draws the distinction is usually the declaration to customs: bringing goods in without a declaration may be regarded as smuggling even for goods whose import is free.

Yes, if the manager committed the act personally. The fine is imposed on the natural person who actually committed the misdemeanour; if the misdemeanour was committed for the benefit of a legal person, the legal person is also fined the same amount. In other words, liability does not pass to the company; it is added to the company. The merchant's duty to act prudently also includes knowing foreign exchange legislation.

On both. The Law provides that if the misdemeanour was committed for the benefit of a legal person, an administrative fine of the same amount is also imposed on that legal person. The fine is imposed jointly on the natural person who actually committed the misdemeanour (who may be a manager or an employee) and on the company.

A final fine becomes a public receivable and is collected by enforcement under the provisions of Law No. 6183. In addition, default interest accrues for the period between the date of the misdemeanour and the date of collection, to be collected together with the fine.

The same act may simultaneously give rise to an administrative sanction, tax loss, the offence of smuggling or the offence of laundering; these are separate regimes protecting separate legal interests. The limit is this: if the act constitutes both a misdemeanour and an offence, only the sanction for the offence is applied.

Confiscation is the most severe consequence distinguishing the offence of smuggling from a foreign exchange misdemeanour, and it is applied under Articles 54 and 55 of the Turkish Criminal Code (Law No. 5237). Incorrect characterisation can take an act that would end with an administrative fine to imprisonment and confiscation.

Yes. Law No. 1567 provides that, for the acts of taking out of or bringing into Türkiye without permission and of sham transactions with intent to smuggle currency, the penalty to be imposed for conduct that remained at the attempt stage is reduced by half.

They are misdemeanours, not offences. The sanctions in Article 3 of Law No. 1567 are essentially administrative fines. For this reason, the Law on Misdemeanours (Law No. 5326) applies as regards procedure, limitation periods, remedies and general principles.

It is. The existence of the objective element — for example, the quantity — may create a presumption of the mental element; however, this presumption is rebuttable. Acquittals are delivered where intent has not been formed; the principle that there is no offence without fault also applies to misdemeanours.

It is a proportional administrative fine linked to market value: those who carry out sham transactions in imports, exports and other foreign exchange transactions with intent to smuggle foreign currency or Turkish currency are given an administrative fine equal to the market value of the assets they smuggled.

This is not a foreign exchange question but a tax question. The accounting of foreign exchange transactions and the recording of exchange differences as income or expense are subject to the provisions of the Tax Procedure Law (Law No. 213); foreign exchange legislation does not regulate the taxation of exchange differences.

There is no provision in foreign exchange legislation regulating crypto-assets. By contrast, MASAK legislation treats crypto-asset service providers as obliged parties and requires identification at a threshold of TRY 30,000. The gap is in foreign exchange law, not on the compliance (uyum) side.

The status of a free zone varies according to the rule in question; for example, the Capital Movements Circular treats firms resident in a free zone as non-resident (Article 18(3)). As regards foreign currency income, income from exports to a free zone and from transit trade is accepted as foreign currency income only on condition that it is documented that the goods were sold from there to a third country. A separate set of documents is required for sales of machinery and equipment.

Its distinguishing feature is flexibility in offsetting. The general rule in offsetting is a maximum of 180 days between the release of the import for free circulation and the actual export; if there is an inward processing authorisation, the period granted by the Ministry of Trade may be taken into account instead. For precious metals, import on a free-of-charge payment basis is also possible.

Two directions are distinguished. Disposal of sale proceeds is free; there is no repatriation requirement. For payment of purchase prices, by contrast, the rules on import payments apply, and transfers abroad are made through banks.

It is free, but subject to documentation. Law No. 4875 guarantees the freedom to transfer profits and principal; at the time of transfer the bank obtains and keeps the tax return, balance sheet, profit and loss account, tax assessment slips and profit distribution table. For the first transfer, registration of the company's incorporation is required.

The term used in the legislation is micro-export. Micro-exports are listed, together with exports of services and transit trade, among the transactions left at the exporter's free disposal. Because disposal of the proceeds is free, no separate repatriation procedure is provided for.

Seven headings: a map of contact with foreign currency, an export proceeds tracking system, discipline in transactions through banks, a control mechanism for contracts in foreign currency, a foreign exchange compliance file, regular staff training, and cooperation with foreign exchange advisers. The file is only one of these.

Founded in 2005, it is an international standard-setting and certification organisation. It has more than 2,000 member companies in 74 countries, from every link of the chain from mine to retail. It is a private-law legal entity registered in England.

No. RJC membership and certification are voluntary; they are not provided for in any provision of Turkish legislation. The obligation arises through a condition that the buyer includes in the supply contract. In that case, a breach results not in a public sanction but in breach of contract.

There are three standards. The Code of Practices (COP) and the Laboratory-Grown Materials Standard (LGMS) are mandatory for commercial members handling in-scope material. The Chain of Custody (COC) standard applies only to precious metals and is voluntary.

For commercial membership, the fee is tiered according to annual relevant sales: below GBP 2 million it is GBP 650, and in the highest tier GBP 80,000. Association membership is fixed at GBP 1,500. The independent audit fee is not included in the membership fee.

A commercial member must be certified within two years of joining. The first certification audit is expected to take place within eighteen months, so that this period can be met. If certification is not obtained, membership ends.

The certification cycle is three years. A mandatory surveillance audit is carried out between twelve and eighteen months from the start of the certificate. The recertification audit is completed within the six months before the certificate's expiry date.

Audits are carried out not by the RJC but by independent third-party audit firms approved by the RJC; they also issue the certificate. The auditor's legal relationship is not with the RJC but with the member that engages it. The list of approved audit firms is published on the organisation's website.

No. In the express words of the guidance, an RJC certification audit is not a legal compliance audit. The auditor examines only the processes and systems that correspond to the standard. Foreign exchange, MASAK and customs obligations need to be assessed separately.

If a critical breach is identified, the existing certificate is suspended and the RJC is informed within five business days at most. The member's profile on the RJC website is also temporarily deactivated. Until the critical breach is remedied, the certificate cannot be reissued.

Yes. RJC certification appears as a separate item in the Ministry of Trade's list of market entry documents covered by support; certificate costs are supported at a rate of 50%. However, training and consultancy services are outside this scope.

A member is free to engage an external consultant for its self-assessment and for setting up its systems. This consultant cannot be part of the audit team, may attend the audit only as an observer, cannot answer on the member's behalf and cannot take part in employee interviews.

Yes; in practice, the obligation mostly arises in this way. Once the condition is included in the contract, it becomes a contractual obligation; suspension or withdrawal of the certificate results in breach of contract. The scope and consequences of the condition can be negotiated.

---