Financial Crime World

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Indonesia Makes Strides in Money Laundering Prevention

Jakarta, Indonesia - After previously appearing on the Financial Action Task Force (FATF) blacklist, Indonesia has made significant progress in its approach to anti-money laundering (AML) and counter-terrorist financing (CTF), earning its removal from the list in 2015. The country now hopes to become a full member of the FATF by 2021.

Indonesian AML Legislation

A range of laws have been implemented to combat money laundering and terrorist financing, including:

  • Law No. 3 of 2011
  • Law No. 5 of 2018
  • Law No. 8 of 2010
  • Law No. 9 of 2013
  • Regulation No. 14/27/PBI/2012 on the implementation of AML and CTF programs for commercial banks
  • Regulation No. 19/10/PBI/2017 regarding anti-money laundering and prevention of terrorism financing for non-bank payment system service providers and currency exchange services

AML Regulators in Indonesia

The following agencies play a crucial role in preventing money laundering within the financial services sector:

  • Financial Transaction Reports and Analysis Center (PPATK)
  • Bank of Indonesia
  • Financial Services Authority (OJK)

Additionally, several agencies have jurisdiction over the investigation of money laundering and corruption charges, including:

  • State Police of the Republic of Indonesia
  • Prosecutor’s Office
  • Corruption Eradication Commission (KPK)
  • National Narcotics Agency (BNN)
  • Directorate General of Taxes
  • Directorate General of Customs and Excise of the Ministry

The KPK has recently pursued a high-profile corruption case involving alleged bribery in the palm oil industry to cover up the improper use of protected forest land.

Indonesia’s Commitment to AML

As an observer of the FATF and member of the Asia/Pacific Group on Money Laundering (APG), Indonesia is committed to continuing its efforts to prevent money laundering and terrorist financing. With a goal of becoming a full member of the FATF in 2021, the country is expected to maintain its momentum in implementing effective AML measures.

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