Financial Crime World

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Financial Crime Trends and Statistics in Indonesia: A Growing Concern

Indonesia has been grappling with a surge in financial crime, driven by the rapid growth of e-commerce and digital transactions. According to the Indonesian Financial Transaction Reports and Analysis Centre (PPATK), fraud cases in the country have increased dramatically over the past few years.

Fraud Cases on the Rise

  • In 2019, PPATK received 9,801 reports of suspicious activities related to fraud.
  • This number jumped to 13,338 in 2020 and soared to approximately 23,000 in 2021.
  • As of February this year, fraud cases have become the most common type of crime triggering suspicious action reports.

Experts Warn of New Payment Methods and Digital Innovations

New payment methods and digital innovations are creating opportunities for criminal exploitation. PPATK has warned about the risks of electronic money laundering and terrorism financing arising from these new payment methods.

Fintech and Crypto Traders Create New Vulnerabilities

The rise of fintech and crypto traders has also created new vulnerabilities, said Mr. Fithriadi Muslim, Acting Deputy of Prevention at PPATK. “These technologies have certain characteristics that make them vulnerable to organized crime,” he explained.

Law Enforcement Agencies Struggle to Keep Pace with New Technologies

Law enforcement agencies are struggling to keep pace with the complexity of these new technologies. Dr. Fadil Zumhana, Deputy Attorney General for General Crimes at the Attorney General’s Office, emphasized the need for investigators to be equipped with skills in obtaining electronic evidence and forensic analysis to tackle emerging threats.

UNODC Webinar Brings Together Experts to Discuss Digital Financial Threats

The webinar on the digital financial threat landscape and law enforcement, organized by UNODC, brought together experts from national regulators, law enforcement agencies, financial services, and government agencies to discuss the challenges and opportunities posed by digital technologies.

Three Areas Require Priority Attention

Speakers highlighted three areas that require priority attention:

  • The financial services sector
  • Retail transactions
  • Export-import trade

Importance of Collaboration and Best Practices

The webinar also emphasized the importance of harnessing emerging power of financial technologies and collaborating with the private sector to prevent money laundering and terrorism financing. Ms Hansol Park, UNODC’s Crime Prevention and Criminal Justice Officer, recommended best practices for governments when requesting electronic evidence across borders, citing the Practical Guide developed under the UNODC Sherlock platform.

Mitigating Risks in Indonesia’s Digital Transformation

As Indonesia continues to implement its Digital Transformation Policy, it is crucial that law enforcement agencies are equipped with the necessary skills and technologies to mitigate the risks posed by financial crime.