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Indonesia no longer on money laundering black list
The global task force for money laundering and terrorist financing has officially cleared Indonesia from its black list due to the countryâs overall progress in preventing terrorist-related financial crimes
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he global task force for money laundering and terrorist financing has officially cleared Indonesia from its black list due to the country's overall progress in preventing terrorist-related financial crimes.
The Financial Action Task Force of Money Laundering (FAFT) announced on Thursday in Brisbane, Australia, that Indonesia had complied with FAFT's requirements on financial securities, thus removing the country from its black list.
'Indonesia is no longer on the list of countries that receive warnings from FAFT on financial security and financial transactions,' Financial Transaction Reports and Analysis Centre (PPATK) chairman Muhammad Yusuf said as quoted by tempo.com on Friday.
Yusuf added that Indonesia had been on FATF's black list since 2012 because there were risks that it could facilitate terrorism funding and money laundering. Since then, FATF has issued a global warning against doing financial and banking transactions with Indonesia.
Yusuf explained that the FATF's decision was based on Indonesia's failure to comply with three requirements set by the organization to criminalize terrorism, criminalize terrorism funding and freeze assets allegedly belonging to terrorists.
With the issuance of the 2013 law on the prevention and eradication of terrorism funding, Indonesia has met two of the three requirements. Yet, it was not until the issuance of a government regulation on blocking terrorist-related bank accounts in February 2015 that Indonesia was considered to have meet all the requirements, thus removing it from FATF's black list.
'This is a recognition from international parties. For us, this is the beginning of a commitment that we will keep,' Yusuf said. (ika)(+++)
