Financial Crime World

Title: Indonesia Joins FATF as Permanent Member: Meeting International Standards in Anti-Money Laundering and Counter-Terrorist Financing

Indonesia Becomes a Permanent Member of FATF

Indonesia officially joined the Financial Action Task Force (FATF) as a permanent member during the organization’s Plenary Meeting in Paris on October 25, 2023. This achievement was welcomed by the Indonesian Financial Services Authority (OJK) Chairperson, Mahendra Siregar, who hailed it as a significant milestone.

“This achievement indicates that the national financial sector comprehensively meets international standards in anti-money laundering, countering financing of terrorism, and proliferation financing of weapons of mass destruction or WMD/APUPPT PPSPM.” — Mahendra Siregar, OJK Chairperson

Ongoing Efforts to Strengthen Financial System and Adhere to International Rules

Indonesia’s entry into the FATF comes as part of its ongoing efforts to strengthen its financial system and adhere to international rules against financial crimes. The country had been an associate member since 2015 and underwent an intensive evaluation process to meet FATF’s requirements.

  • Associate Member since 2015
  • Intensive evaluation process

Successful Conclusion of Indonesia’s Mutual Evaluation Report (MER)

This development follows the successful conclusion of Indonesia’s Mutual Evaluation Report (MER) last year. During the MER, Indonesia was recognized for making significant progress in implementing the FATF Recommendations. The country had previously been placed on the FATF “grey list” in 2018.

“Recognized for making significant progress in implementing the FATF Recommendations” — MER report, 2022

  • Initial placement on the FATF “grey list” in 2018
  • Recognized for significant progress in 2022

About The Financial Action Task Force (FATF)

The FATF is an international body formed in 1989 to establish international standards against money laundering and terrorist financing. Its membership comprises 39 countries and two regional organizations. The organization plays a crucial role in coordinating global efforts to combat financial crimes and promote international cooperation.

  • Established in 1989
  • Membership comprised of 39 countries and 2 regional organizations
  • Coordinating global efforts to combat financial crimes
  • Promoting international cooperation