Financial Crime World

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Indonesia Takes Major Leap in Fighting Financial Crimes with FATF Membership

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Jakarta, Indonesia - In a significant move to strengthen its commitment to combating global financial crimes, President Joko Widodo has formally enacted Presidential Decree Number 14 of 2024, officially marking Indonesia’s membership in the Financial Action Task Force (FATF). This milestone achievement positions Indonesia as the 40th member of the prestigious international organization.

A Critical Step Towards Global Principles

The FATF membership is a critical step for Indonesia to align with global principles against money laundering, terrorist financing, and the proliferation of weapons of mass destruction. The decree follows Indonesia’s official acceptance during the Plenary Meeting in Paris, France, chaired by FATF President Mr. T. Raja Kumar on October 25th, 2023.

Commitment to Fighting Financial Crimes

Indonesia’s membership in the FATF underscores its commitment to fighting financial crimes, which are increasingly prevalent and require urgent attention. Through this membership, Indonesia will actively participate in various FATF programs and strategic activities, demonstrating its seriousness in maintaining a globally integrated financial system.

Key Benefits of Membership

  • Aligns with global principles against money laundering, terrorist financing, and the proliferation of weapons of mass destruction
  • Enhances business confidence and investment climate trust in Indonesia
  • Demonstrates Indonesia’s role in global financial governance

President Jokowi’s Statement on FATF Membership

“The signing of this decree strengthens Indonesia’s global position and its commitment to combating financial crimes,” said President Jokowi. “This is an international recognition of our effectiveness in regulating, coordinating, and implementing our Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime.”

A Vital Step Towards Global Financial Stability

Indonesia’s FATF membership signifies a vital step towards global financial stability and the fight against cross-border financial crimes. It also showcases Indonesia’s growing influence and responsibility in the international financial landscape, promising enhanced cooperation in the ASEAN region and beyond for a safer and more secure global financial environment.

Positive Impact on Economic Growth

  • Demonstrates commitment to upholding international financial standards
  • Improves Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime
  • Enhances trust and confidence among international investors and partners

Sources: RRI, Setkab.go.id (2024)