ANKARA - President Ahmet Necdet Sezer approved on Thursday the law which amended the banking law.
The law has been sent to Prime Ministry to be promulgated.
The law aims to speed up the collection of the money from banks that were transferred to Savings Deposit Insurance Fund (SDIF).
The law includes important arrangements regarding collection of money from banks. The arrangement was also made to prevent experts' misuse of authority.
Real and legal bodies or state institutions and organizations and the people authorized to follow up the investigation will be obliged to give necessary information to related authorities without any delay and deficiency. Those who fail to abide by the rules will be given imprisonment terms up to three years. This will not be commuted to fine or any other measure.
Actions like emptying the banks are foreseen to be taken within crime of ''money laundering''. Also, lapse of time regarding crimes of money laundering will be increased from 10 years to 15 years.
Fund Board, which is the decision organ of SDIF, will be given a new structure. The Fund will be administered and represented by this board. The fund will be comprised of seven people. The Fund will be able to set up organizations and employ personnel with the decision of Fund Board.
The Fund will issue reports in every three months and give information to public and will inform Parliamentary Planning and Budget Commission at least two times a year.
Accounts in banks, which were banned from carrying out banking procedures, will be paid by the Fund and thus measures would be taken to prevent taking money from the Fund with false documents.
Authorities of the Fund, regarding restructuring studies, will be used by a temporary commission comprised of five people. Those people will be determined by state minister, minister responsible for treasury and finance minister. The changes will be used against the ongoing investigations and cases.
(AY-Öª) 25.12.2003