Title: Indonesia Joins Financial Action Task Force as Full Member

Historic Achievement for Indonesia

On October 25, 2023, Indonesia made history by joining the Financial Action Task Force (FATF) as a full member during the plenary meeting. This milestone marks a significant step forward in enhancing Indonesia’s financial system integrity.

Commitment to International Standards

Indonesia’s Financial Transaction Reports and Analysis Center (INTRAC), supported by relevant ministries, institutions, and the financial industry, demonstrated their commitment to upholding international standards in Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing of Weapons of Mass Destruction (CPF-WMD). OJK’s Chairman, Mahendra Siregar, conveyed this positive assessment.

Collaboration and Global Standards

Becoming an FATF member positions Indonesia alongside other G20 member countries with solid financial systems and boosts public confidence. OJK expressed its commitment to actively collaborating in the creation of global standards and enhancing the effectiveness of the supervision and implementation processes for AML, CFT, and CPF-WMD programs.

Reputation and Economic Impact

The recognition from FATF is expected to significantly boost the reputation of Indonesia’s financial sector and provide assurance to both the international and domestic communities. This achievement will contribute positively to the national economy as a whole.

Figure 1: Indonesia’s FATF Membership Milestone

The Indonesian delegation proudly displays the FATF membership certificate, representing a significant achievement for the country.

Benefits and Future Prospects

Indonesia’s financial sector reputation is significantly strengthened.
Enhanced transparency and stronger financial sector contribute to a more robust and resilient economy.
Increased public confidence in the Indonesian financial system.

Quotes

“This is a pivotal moment for the Indonesian financial services sector as it further solidifies our position as a responsible and reliable member of the global financial community.” - A spokesperson for OJK.

This achievement is an essential step in the Indonesian government’s efforts to improve its financial sector, ensure compliance with international standards, and strengthen the country’s position in the global financial community.