Here is the rewritten article in Markdown format:

Indonesia Needs Further Improvements in Outreach to DNFBPs for Effective Compliance with PF Obligations

JAKARTA, Indonesia - A recent assessment by a leading financial intelligence agency has highlighted that banks and other financial institutions (FIs) in Indonesia have made good progress in understanding money laundering (ML) and terrorist financing (TF) risks. However, the report also noted that there is room for improvement in outreach to designated non-financial businesses and professions (DNFBPs), such as notaries, lawyers, and accountants.

Effective Measures Implemented

The assessment, which was conducted by a team of international experts, found that while banks and FIs have implemented effective measures to prevent ML and TF, DNFBPs have been slower to adapt to the changing regulatory environment. Notaries, in particular, were identified as being at high risk of being exploited for ML and TF purposes.

High-Risk Notaries Require Targeted Outreach

The report’s findings are significant because notaries play a crucial role in the formation and registration of legal persons in Indonesia. Their involvement in these processes makes them particularly vulnerable to being used for illicit activities.

To address this issue, the assessment recommends that:

• Indonesia conduct targeted outreach to high-risk notaries and other DNFBPs
• Identify high-risk entities and individuals on an ongoing basis
• Conduct regular supervisory visits to ensure effective ML/TF prevention measures are implemented

Enhancing Transparency and Beneficial Ownership Regime

The report suggests that Indonesia develop a high-level operational policy across competent authorities on initiating parallel ML investigations when investigating relevant predicate offenses. This would enable law enforcement agencies to better identify and pursue ML, particularly standalone ML cases.

Additionally, the assessment highlights the need for Indonesia to enhance its transparency and beneficial ownership regime. While the country has made significant progress in this area, the report notes that:

• The relatively low number of beneficial ownership registrations raises concerns about the overall effectiveness of the system

Strengthening International Cooperation Efforts

Finally, the report recommends that Indonesia strengthen its international cooperation efforts, particularly in relation to exchanging information on ML and TF cases with foreign counterparts.

Conclusion

Overall, while Indonesia has made significant strides in implementing effective ML/TF prevention measures, there is still much work to be done to ensure that all DNFBPs are adequately supervised and that the country’s financial system remains resilient to illicit activities.