Indonesia Becomes Observer at Financial Action Task Force

Jakarta (ANTARA News) – Indonesia has officially become an observer at the Financial Action Task Force (FATF), which is an inter-state cooperation forum aimed at establishing the global standard of anti-money laundering regimes and the prevention of terrorism financing.

A press release from the Ministry of Finance, received by ANTARA here on Monday, mentioned that the establishment of Indonesia as an observer was set at the Financial Action Task Force-Middle East and North Africa Financial Action Task Force (FATF-MENAFATF) Joint Plenary Meeting in Paris, France.

The support for Indonesia was delivered by consensus by several FATF members, including Portugal, New Zealand, Singapore, China, Germany, Australia, the United States, Britain, and Russia.

This appointment marks the international recognition of Indonesia`s strategic role in preventing and combating money laundering crimes, terrorism financing, proliferation of weapons of mass destruction, and other matters that threaten the international financial system.

“Indonesia shows great enthusiasm and commitment in upholding anti-money laundering and anti-terrorism financing regimes,” FATF President Santiago Otamendi remarked in a discussion session on Indonesia`s membership.

This appointment is a positive result of the FATF high-level delegation`s visit to Jakarta in May 2018, led by the President of FATF.

During the visit, the FATF delegation met various top Indonesian leaders of relevant ministries and agencies to assess Indonesia`s commitment to implement anti-money laundering and terrorism funding prevention standards.

The inauguration of Indonesia as a FATF observer has a significant meaning because, as one of the major economic forces of the world and a member of the G20, it is time for Indonesia to participate in strategic policy-making processes that determine the international financial system.

Indonesia welcomes the FATF decision and will subsequently undergo the FATF Mutual Evaluation Review (MER) process for assessing compliance on anti-money laundering and terrorism financing regimes as a further step towards a full member of the FATF.

With the observer status, Indonesia is allowed to participate in FATF activities and directly provide inputs at FATF meetings.  (T/RS5/RS1)

Mi’raj Islamic News Agency (MINA)