Financial Crime World

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Financial Inclusion and Crime: OJK’s Power to Investigate Financial Sector Offenses

The Indonesian Financial Services Authority (OJK) has been granted broad powers to investigate financial sector crimes under Regulation 16/2023. This regulation gives OJK the authority to probe a range of offenses, including those committed by:

  • Banking institutions
  • Carbon exchanges
  • Capital market and derivative finance companies
  • Multifinance companies
  • Venture capital firms
  • Microfinance organizations
  • Other financial services providers

Investigation Team

OJK’s investigation team is comprised of:

  • Officials from the Indonesian Police
  • Civil servant investigators appointed by the Minister of Law and Human Rights
  • OJK officials who meet the qualifications set by the police

The team is responsible for:

  • Receiving reports and complaints of financial sector crimes
  • Summoning and interviewing suspects
  • Examining documents
  • Requesting assistance from other government agencies

Inquiry and Investigation Process

If a report or complaint is deemed credible, OJK may launch an inquiry into the suspected crime. If sufficient evidence is gathered during the inquiry, OJK can proceed with a full-blown investigation. The agency works closely with the police to gather evidence and build a case for prosecution.

Public Participation

The public plays a key role in reporting financial sector crimes, with no restrictions on who can file a complaint or report. The reporting party may request updates on the progress of the case once an investigation has been launched.

Alternative Settlement Process

For those suspected of financial sector crimes, OJK offers an alternative settlement process. This allows individuals to propose a settlement plan, which must include:

  • An estimate of the loss incurred
  • Information on victims
  • Proposed forms and timeframe for reparation
  • A commitment to improve their business processes and governance

OJK will review the proposal using three criteria:

  • The rehabilitative effect towards the incurred loss
  • The value proposed in the settlement
  • The impact on the financial services industry and public interest

If a settlement plan is approved, it will be formalized into an agreement between OJK and the suspect, which may include administrative sanctions. The reparation paid to settle the case must be distributed among victims, who must also waive their rights to pursue legal action. The suspect must complete all terms of the settlement within one year.

Money Laundering Investigations

OJK also has authority to investigate money laundering cases related to financial sector crimes, working closely with the Center for Financial Transaction Reports and Analysis (Pusat Pelaporan dan Analisis Transaksi Keuangan). In conducting these investigations, OJK may request information from financial institutions and instruct them to freeze suspect accounts. Failure to comply with these requests can result in sanctions under prevailing laws.

Conclusion

Overall, OJK’s powers under Regulation 16/2023 aim to promote financial inclusion while combating crime and maintaining public trust in the financial sector.