Indonesia Affirms Their Commitment to Combat Money Laundering

Ilustration (photo: Okezone News)

Minister of Finance of the Republic of Indonesia Sri Mulyani emphasized Indonesia’s commitment to combat economic crimes, including money laundering.

“As a member of the AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) Committee, the Ministry of Finance continues to improve the prevention of money laundering or those related to illegal financing and also supports the efforts of the financial sector in building the credibility and integrity of state treasury management,” said Sri Mulyani at the Integrity and Compliance Task Force B20: Fostering Agility to Combat Money Laundering and Economic Crimes conference on Wednesday, September 28.

The B20 Integrity and Compliance Task Force is a forum providing policy recommendations that can developed to resolve money laundering and terrorism financing in Indonesia.

B20 also encourages Indonesia to join the Financial Action Task Force (FATF) in order to develop a financial system to combat economic crime.

In the forum, Sri Mulyani said the the Ministry and the Indonesian Financial Transaction Reports and Analysis Center (INTRAC) or PPATK last year signed a memorandum of understanding on the prevention and eradication of money laundering and terrorism financing.

“The memorandum between the Ministry of Finance and PPATK is a form of government’s full support for the prevention and eradication of money laundering and terrorism financing,” she said.

The scope of cooperation between the Ministry of Finance and PPATK includes the exchange of data and information.

Meanwhile, PPATK’s Director of Strategy and International Cooperation, Tuti Wahyuningsih said the institution continues to serve its role as part of the Anti-Money Laundering/Combating the Financing of Terrorism to the fullest.

Last year, PPATK launched the National Risk Assessment for Money Laundering and Terrorism Financing/Proliferation Financing to identify, analyze, and evaluate various risks of money laundering, terrorism financing and proliferation of weapons of mass destruction.

PPATK initiated collaboration between public and private, so  both parties could work more effectively and efficiently in dealing with money laundering and asset recovery.

In addition, they also encourage to use technology in combating the risk of money laundering or terrorism financing. (T/ri/RE1)

Mi’raj News Agency (MINA)