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Financial Crime in Indonesia: What You Need to Know
The Indonesian Financial Services Authority (OJK) has the power to investigate crimes in the financial sector, including banking, carbon exchanges, capital market and derivative finance, multifinance companies, venture capital companies, microfinance companies, and other companies classified as financial services companies under prevailing laws. This investigative power applies to both conventional and sharia financial services.
Investigation Process
The OJK’s investigation team is a joint agency appointed by its board of commissioners, comprising officials from the Indonesian Police, civil servant investigators, and OJK officials who meet certain qualifications set by the police. The team has the authority to:
- Receive reports, notifications or complaints from any person on crimes in the financial services sector
- Summon and search suspects
- Examine books and records
- Request assistance from other government agencies
Investigation Launch
Under OJK Regulation 16/2023, the agency may decide whether to launch an inquiry based on a report, notification or complaint. If an investigation is launched, the OJK will build up the case and gather evidence for prosecution, which will then be handed over to the public prosecutor.
Public Monitoring and Reporting
Public monitoring and reporting of financial crimes are encouraged in Indonesia. Anyone can file a report with the OJK on suspicion of crimes in the financial services sector, and they may request updates on the development of the case once an investigation has been launched.
Alternative Settlement Process
In some cases, suspected criminals may propose settling criminal charges through an alternative settlement process. This involves submitting a petition to the OJK that includes:
- Information on the losses incurred
- Victims affected
- Proposed forms and timeframe of reparation
- A statement of commitment to improve business processes and governance
The OJK will inspect the petition using certain criteria before issuing a decision.
Agreement and Reparation
If approved, the petition will be formalized into an agreement between the OJK and the suspect, which includes terms for reparation and any corrective actions deemed necessary by the OJK. The reparation paid will be distributed among victims, and the suspect must complete all settlement agreement terms within one year of signing the agreement.
Money Laundering Investigation
The OJK also has the authority to investigate money laundering cases related to financial crimes, and may cooperate with other agencies in this regard. During an investigation, the OJK may request information from financial services institutions or instruct them to block accounts owned or related to suspects. Failure to comply with these requests may result in sanctions under prevailing laws.
Conclusion
Overall, the Indonesian government is taking steps to combat financial crime through its regulatory powers and investigative capabilities. By encouraging public reporting of suspicious activities and providing alternative settlement options for suspected criminals, the OJK aims to promote a more stable and trustworthy financial system in Indonesia.