Türkiye’s Treasury and Finance Ministry has launched efforts to enforce a long-standing regulation requiring identification for gold transactions exceeding ₺185,000 ($5,274) in jewelry stores. The move aims to curb fraud and money laundering in the jewelry sector.
Introduced by the Financial Crimes Investigation Board (MASAK), the identification rule was initially set to address fraudulent activities and illegal financial dealings within the industry. While the threshold was raised to ₺185,000 in 2023, compliance with the regulation has remained inconsistent across the country.
Despite the existing rule, many jewelers continue to conduct multi-million lira transactions without verifying customers’ identities. The Treasury and Finance Ministry is now taking decisive action to rectify this issue and enforce the law more effectively.
Gold Transactions Without IDs to Be Banned by 2025
Earlier this year, Turkish Finance Minister Mehmet Simsek highlighted the jewelry and precious metals sector as a key area contributing to widespread tax evasion. In response, the ministry has formed a specialized team to audit businesses operating in this field.
The audit teams will focus on ensuring jewelers not only comply with tax regulations but also properly record customer identification for transactions surpassing ₺185,000. The teams will verify the accuracy of the collected information and the proper documentation of transactions.
Under the new directive, jewelers who fail to adhere to the ID requirement will face significant penalties. Starting in 2025, they will be required to reject any transactions exceeding the threshold if customers fail to provide valid identification.
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