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Jakarta Post

Indonesia's Financial Action Task Force membership to be discussed: Ministry

News Desk (The Jakarta Post)
Jakarta
Mon, July 3, 2017

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Indonesia's Financial Action Task Force membership to be discussed: Ministry The logo of the Financial Action Task Force (FATF) (Courtesy of/ifpnews.com)

T

he Finance Ministry has announced that Indonesia's membership in the Financial Action Task Force (FATF) will be discussed at an FATF plenary meeting in Argentina in October.

Most FATF members expressed support for discussing Indonesian membership during a plenary meeting on June 23 in Valencia, Spain, said Finance Ministry spokesman Nufransa Wira Sakti.

“The FATF president, supported by a majority of FATF members, decided to immediately discuss Indonesian membership,” Nufransa said as reported by Antara on Sunday.

(Read also: Indonesia joins global fight against tax dodgers)

He stressed that joining the task force was important for Indonesia in its fight against money laundering to prevent the transferring of funds for terrorism purposes and to fight other threats to the country’s financial system.

Previously, several institutions, including the Finance Ministry, the Foreign Ministry, the Indonesian Embassy in Madrid and the Financial Transaction Reports and Analysis Centre  (PPATK), were involved in lobbying FATF members for Indonesian membership.

Indonesia is eligible to join the group because it has a number of laws regarding the issue, such as the 2000 Money Laundering Law and the 2013 Terrorism Law. Indonesia is also a member of the Egmont Group and the Asia-Pacific Group on Money Laundering, which has a financial intelligence unit (bbn)

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