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Avoiding crimes in payment system
In Indonesia, up to last March, Bank Indonesia and the National Police uncovered 783 illegal money changers in provinces and 460 of them have been referred to Bank Indonesia (BI) for follow-up measures. BI, in collaboration with the National Police, has been closely monitoring money flows for illegal money remittances.
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In Indonesia, up to last March, Bank Indonesia and the National Police uncovered 783 illegal money changers in provinces and 460 of them have been referred to Bank Indonesia (BI) for follow-up measures. (Shutterstock/File)
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n the last few months, national and international media have reported on illegal money remittances and illegal money changer compliance and law enforcement actions conducted by authorities in Bangladesh, China, Indonesia, Malaysia, Nigeria, Sri Lanka, and United Arab Emirates.
In China, for instance, joint compliance and legal action by China’s police, foreign exchange regulator and the People’s Bank of China has succeeded in disclosing more than 170 money laundering and illegal fund transfer cases involving more than 800 billion yuan (US$131.8 billion).
It is clear that such illegal money transfers have ruined China’s foreign exchange management system, financial and capital market, which is why the Chinese government has been addressing these issues very seriously.
In Malaysia last March, the courts handed down penal sentences to 15 people found guilty of committing illegal money remittance between 2012 and 2016.
This involved proceeds of crime amounting to approximately 1 billion ringgit (US$232.5 million). In August 2017, three company directors were sentenced for committing illegal money remittances between 2011 and 2015 totaling 7.8 million ringgit ($1.91 million).
In Indonesia, up to last March, Bank Indonesia and the National Police uncovered 783 illegal money changers in provinces and 460 of them have been referred to Bank Indonesia (BI) for follow-up measures. BI, in collaboration with the National Police, has been closely monitoring money flows for illegal money remittances.
For instance, in December last year, 16 illegal money remittances were detected. BI, the National Narcotics Agency (BNN) and the Financial Transaction Reports and Analysis Center (PPATK) have also cooperated in the investigation of several illegal and legal money changer cases.
