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Bank Indonesia finds 612 illegal money changers
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An employee shows US dollar banknotes at a money changer in Kwitang, Central Jakarta. (JP/Wendra Ajistyatama)
B
ank Indonesia has identified 612 non-bank foreign currency exchange businesses (money changers) that operate illegally across the country.
BI executive director of payment systems policy and supervision Eni V. Panggabean said that the illegal money changers were found in Jakarta, Lhoksseumawe, East Kalimantan, Bali and Kendari.
“We have mapped the money changers that operate without licenses,” said Eni, as quoted by tempo.co, adding that the central bank warned the management of the illegal money changers to arrange their licenses before April this year.
(Read also: Bank Indonesia warns illegal money changers to apply for license)
This finding is a result of cooperation between the Financial Transaction Reports and Analysis Centre (PPATK), the National Narcotics Body and the police.
One of the requirements to arrange the licenses for the money changers is that the company should be in the form of a limited company (PT), whose shares should be owned by Indonesian nationals.
The applicants for the money changer businesses should have D3 diplomas and no criminal record.
The business owners should start legalizing their money changers in any BI branch across the country before April 7 as BI would start to enforce the law, Eni added.
“They could come to BI offices, and we would start the selection,” said Eni, adding that BI needed to legalize the money changers because many had been used to aid crimes like money laundering, drug trafficking and terrorism funding. (bbn)
