Cooperation Between INTRAC and Other Agencies Yields Results in Fight Against Money Laundering
International Cooperation to Combat Money Laundering
Jakarta, Indonesia - The Indonesian Financial Transaction Reports and Analysis Center (INTRAC) has announced a significant milestone in its efforts to combat money laundering, with the signing of memoranda of understanding (MOUs) with 31 domestic institutions and 31 financial intelligence units (FIUs) from other countries.
Enhancing Cooperation Against Money Laundering
The MOUs aim to enhance cooperation between INTRAC and its partners in the prevention and eradication of money laundering. The agreements cover a range of areas, including:
- Sharing of information
- Training and education
- Joint investigations
Key Benefits of MOUs
One of the key benefits of the MOUs is the assignment of public prosecutors and police officials to INTRAC if needed, as well as the appointment of liaison officers from each agency. This will facilitate cooperation and improve the effectiveness of money laundering investigations.
Partnerships with Domestic Institutions and International Organizations
INTRAC has also signed agreements with financial services providers, such as Bank Indonesia and Bapepam-LK, to ensure proper coordination and exchange of information. The agency has also established partnerships with research institutions, non-governmental organizations (NGOs), and universities to promote scientific research on anti-money laundering measures.
Results of Cooperation
The cooperation between INTRAC and other agencies has already yielded results, with the agency receiving requests for information from FIUs in other countries. INTRAC has also provided information to foreign authorities, highlighting the importance of international cooperation in fighting money laundering.
Principles of Information Exchange
The Principles of Information Exchange Between Financial Intelligence Units, agreed upon by INTRAC and its international partners, ensure that information sharing is based on mutual trust and reciprocity. The principles also outline procedures for requesting and sharing information, as well as safeguards to prevent the misuse of shared data.
Training Program for Financial Institutions and Law Enforcement Agencies
As part of its efforts to combat money laundering, INTRAC has also established a training program for financial institutions and law enforcement agencies. The agency provides guidance and support to help these institutions identify and report suspicious transactions.
Conclusion
Overall, the cooperation between INTRAC and other agencies is crucial in the fight against money laundering. By sharing information and resources, authorities can better track down and prosecute criminals involved in this illegal activity.