Indonesia Joins Financial Action Task Force to Combat Financial Crimes
Jakarta, November 9, 2023 - Indonesia has officially become the 40th member of the Financial Action Task Force (FATF), a significant milestone in its commitment to fighting financial crimes and protecting the integrity of the global financial system.
FATF’s Mission
The FATF is an intergovernmental organization that aims to combat money laundering, terrorism financing, and proliferation financing of weapons of mass destruction. By joining the FATF, Indonesia will gain access to the latest information and best practices on anti-money laundering (AML) and counter-terrorism financing (CFT), as well as contribute to the development and implementation of the FATF standards.
Benefits of Membership
As a member of the FATF, Indonesia will:
- Gain access to the latest information and best practices on AML/CFT
- Contribute to the development and implementation of the FATF standards
- Undergo regular and rigorous assessments and receive constructive feedback and recommendations to improve its AML/CFT framework and performance
Serious Threats to Global Security
Money laundering, terrorism financing, and proliferation financing are serious threats to the security and stability of the world. These crimes enable and fuel other crimes such as:
- Corruption
- Drug trafficking
- Human trafficking
- Tax evasion
- Cybercrime
- Environmental crime
- Organized crime
These crimes undermine the rule of law, democracy, and human rights, eroding trust and confidence in financial systems and the legitimate economy.
Partnership with UNODC
The United Nations Office on Drugs and Crime (UNODC) has been a long-standing partner of Indonesia in strengthening its efforts to combat illicit financial flows and financial crimes. UNODC has:
- Provided technical assistance and capacity building to various public and private sector stakeholders involved in AML/CFT
- Facilitated dialogue and cooperation between Indonesia and other countries
- Engaged in policy dialogue and advocacy on emerging topics
Acknowledgement of Support
UNODC acknowledges the support and contributions of its donors and partners who have provided financial and technical assistance to UNODC and Indonesia in this endeavour. With its membership in the FATF, Indonesia is now better equipped to combat financial crimes and protect the integrity of the global financial system.
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