Indonesia’s Journey to Full Membership in FATF: A Major Milestone in Anti-Money Laundering Efforts
President Joko Widodo (Jokowi) announced Indonesia’s expectation to become a full member of the Financial Action Task Force (FATF) by October 2023. This announcement signifies a significant step forward in Indonesia’s commitment to combat money laundering.
FATF Membership: A Global Recognition
During the 22nd anniversary celebration of the National Anti-Money Laundering and Combating Terrorism Financing Movement at the Jakarta Convention Center, President Jokowi stressed the importance of FATF membership.
Our full membership in FATF will provide a powerful push to reinforce Indonesia’s efforts against money laundering.
- President Joko Widodo
He further noted that a unwavering stance against money laundering would benefit Indonesia in several ways:
- Boost global economic reputation
- Encourage greater foreign investments
Jokowi acknowledged the accomplishment as a non-trivial victory.
I once felt ashamed that among the G20 countries, Indonesia was the only one not yet a FATF member.
- President Joko Widodo
The Importance of FATF Membership
Indonesia’s acceptance as the 40th member of FATF symbolizes international approval of the country’s effective regulations, coordination, and implementation efforts against money laundering and terrorist financing.
Hard Work and Dedication
The Financial Transaction Reports and Analysis Centre (PPATK) and related ministries and agencies have been instrumental in leading Indonesia through the FATF accession process.
Ivan Yustiavandana, Head of PPATK, emphasized the importanance of this decree:
It will fortify our dedication to addressing global financial crimes.
- Ivan Yustiavandana, Head of PPATK
Significance of the Decree
The decree, signed by President Jokowi on April 5, 2024, strengthens Indonesia’s stance against financial crimes on a global scale.