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In such cases where the company is listed, due, timely and compliant information to the shareholders and appropriate securities regulatory authorities is imperative.

Turkey has ratified the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism ("Convention"), with Law Number 6665.

A new text was published regarding the criminal liability of the board of directors members which classifies the type of penalties under the following headings: administrative fines, judicial fines and prison sentence.

The crimes committed within the Company or brought criminal responsibility to the company executives are not limited by the abovementioned crimes.

The crime of fraud committed by changing the International Bank Account Number (IBAN) or SWIFT information by the person who intervenes by using IT systems as a tool has become one of the most common fraud acts used by internet hackers.

This year, Vimpelcom, a telecommunications company based in the Netherlands, has agreed to pay $397 million to US authorities to settle the charges that it made corrupt payments to Uzbek officials.

Only real persons can commit crimes and receive criminal penalties in Turkey. Legal entities cannot be held criminally liable in Turkey.

As an emerging market, Turkey is rightly considered to be a business and commercial hub for the EMEA region, as well as an important market for many multinational companies. In 2017, Turkey received a score of 40 points in Transparency International's Corruption Perceptions Index, on a scale of 0 ("highly corrupt") to 100 ("very clean").

Multinational enterprises expanding into foreign jurisdictions face catastrophic risks from internal fraud and embezzlement by regional executives or local partners. When standard commercial dispute resolution proves insufficient, Turkish Criminal Law provides aggressive mechanisms to freeze illicit accounts, trace hidden transactions, and compel personal financial restitution.

With the proliferation of official investigations into international bribery allegations in recent years, as well as the huge fines imposed as a consequence of such investigations, much of the attention of the compliance community has lately been focused on anti-bribery efforts.

The board of directors stands out as a body that undertakes the management and representation duties of a joint stock corporation and is endowed with the power that can affect the interests of the corporation as well as its related parties.

In March 2006, arguably the biggest environmental scandal to date in Turkey occurred. Upon an anonymous tip, the authorities discovered hundreds of barrels buried illegally by a creek in the district of Tuzla, Istanbul. The barrels contained various types of poisonous and hazardous chemical substances. Subsequent investigations pointed towards high profile industrial companies as the culprits with the public and the Government strongly reacting to the scandal.

We are facing a remarkable event not seen since last century according to many experts including famous historian Yuval Harari.

During his/her professional life, a company executive operating in Turkey can face various types of criminal liability. This article aims to provide a general overview of the possible risks in relation to criminal law..

Turkey signed the Convention on 17 December 1997 and deposited the ratification instrument with the OECD on 1 January 2000.

The US Department of Justice ("DOJ") had announced a pilot program ("Pilot Program") on April 5, 2016, which created new mitigation opportunities for companies that (i) voluntarily self-disclosed, (ii) cooperated fully, and (iii) took timely and appropriate remedial actions in FCPA matters that fell within the Fraud Section's mandate.

Şirket yöneticileri, Türk Ticaret Kanunu'nun 136'ncı maddesinde sayılan komandit, kollektif, limited, kooperatif ve anonim şirketlerin kanunen sorumlu kimseleridir.

Internal investigations are not directly regulated by Turkish law, and therefore there is no statutory or regulatory obligation that requires companies to conduct an internal investigation.