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Indonesia’s Legal Framework in the Fight Against Money Laundering

Jakarta, Indonesia - In a bid to combat money laundering, the Indonesian government has put in place a robust legal framework to prevent and eradicate this serious financial crime.

Anti-Money Laundering Regime

Indonesia’s anti-money laundering regime is governed by Law No. 25/2011 on Anti-Money Laundering, which sets out the country’s obligations to prevent and combat money laundering. The law requires financial institutions, casinos, and other designated non-financial businesses and professions (DNFBPs) to implement effective anti-money laundering controls.

Regulations and Legislation

Indonesia has also enacted regulations and legislation to support its anti-money laundering efforts. For example:

  • The Financial Services Authority (OJK) has issued regulations on anti-money laundering and combating the financing of terrorism (CFT).
  • Bank Indonesia has implemented measures to prevent money laundering and terrorist financing in the banking sector.

Self-Regulatory Organizations

Indonesia’s self-regulatory organizations, such as:

  • The Indonesian Stock Exchange (IDX)
  • The Indonesian Chamber of Commerce and Industry (Kadin)

have also played a crucial role in promoting good anti-money laundering practices among their members.

Law Enforcement Agencies

Indonesia’s law enforcement agencies, including:

  • The Financial Crime Investigation Agency (FCIA)
  • The Corruption Eradication Commission (KPK)

are responsible for investigating and prosecuting money laundering cases. The agencies work closely with other stakeholders to ensure that those found guilty of money laundering are brought to justice.

International Cooperation

Indonesia is also committed to international cooperation in the fight against money laundering. The country has signed agreements with several countries, including:

  • The United States
  • Australia
  • The European Union

to share information and best practices in preventing and combating money laundering.

Conclusion

In conclusion, Indonesia’s legal framework is well-equipped to prevent and combat money laundering. The country’s anti-money laundering regime, regulations, legislation, self-regulatory organizations, law enforcement agencies, and international cooperation all play a crucial role in ensuring that the financial system remains safe from this serious financial crime.