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Financial Crime Investigation Agencies in Indonesia Gain New Powers
The Financial Services Authority (OJK) has been granted new powers to investigate financial crimes, including those involving banking, carbon exchanges, capital market and derivative finance, multifinance companies, venture capital companies, microfinance companies, and other financial services companies. The investigative power applies to both conventional and sharia financial services.
Investigation Team
The OJK’s investigation team is a joint agency comprising officials from the Police of the Republic of Indonesia, civil servant investigators appointed by the Minister of Law and Human Rights, and OJK officials who fulfill the qualifications set by the Police of the Republic of Indonesia. The team is authorized to:
- Receive reports, notifications, or complaints from any person on crimes in the financial services sector
- Summon suspects
- Search for evidence
- Conduct searches
Inquiry and Investigation Process
Under new regulations, OJK may decide whether to launch an inquiry based on a report, notification, or complaint. If an inquiry is completed, OJK may proceed with an investigation, gathering evidence and coordinating with the Police before handing over the case materials to the public prosecutor for further prosecution.
Reporting Financial Crimes
Anyone can file a report, notification, or complaint to OJK on any suspicion of financial crimes. They may request updates on the development of the case and have the right to know the outcome of the investigation.
Alternative Settlement Process
In addition, under the alternative settlement process, individuals suspected of criminal activity in financial services may propose to settle criminal charges through a petition that contains:
- An estimate of the loss incurred
- Information on victims
- Proposed forms and timeframe of reparation
- A statement of commitment to improve business processes
OJK will inspect the petition using three criteria: rehabilitative effect, value proposed, and impact on the general outlook of the financial services industry. If approved, the petition will be formalized into an agreement between OJK and the suspect, incorporating terms of reparation and corrective actions deemed appropriate by OJK.
Reparation and Sanctions
The reparation paid will be distributed among victims, and the suspect must completely perform the terms of the settlement within one year. Failure to comply may result in sanctions under prevailing laws.
Money Laundering Investigations
OJK also has the authority to investigate money laundering cases related to crimes in the financial services sector and may request information from financial services institutions or instruct them to block accounts owned or related to suspects. Financial services institutions must comply with OJK’s requests, or they will face sanctions under prevailing laws.
Expected Impact
The new powers granted to OJK are expected to enhance the effectiveness of financial crime investigations in Indonesia, providing a more robust framework for preventing and combating financial crimes.