T

he Financial Transaction Report Analysis Center (PPATK) will open up greater access to data on financial transactions for the Deposit Insurance Corporation (LPS) so as to helping the latter in making faster assessments on troubled banks.

The two government institutions signed a memorandum of understanding Tuesday to pave the way for this initiative.

LPS executive director Firdaus Djaelani said greater access to data on financial transactions would help the state banking insurance company to trace dubious transactions related to banks under its authority.

"We want faster ways to recover stolen assets rather than waiting for court decisions, which could take a long time," Firdaus said in a press conference.

Banks pay a premium to LPS to protect bank customers who hold savings of up to Rp 2 billion (US$214,000). LPS also manages government-provided bailout funds for troubled banks such as Bank Century, which received a total of Rp 6.7 trillion.

Details related to the implementation procedures of the agreement would be elaborated by both institutions, Firdaus said.

Also speaking at the conference, PPATK Chairman Yunus Husein called on all financial service providers to report to PPATK if detecting irregularities on financial transactions. Those who filed reports would be protected under the government's witness and victim protection program, he said.

"Whistle blowers play a very crucial role in giving necessary information over alleged frauds. They often get threats from suspected culprits involved in cases," Yunus said.

Banks as institutions also deserved the same kind of protection as stipulated under Law No.15/2002 on money laundering.

"All financial institutions that reports suspicious information will be under protection until the court reaches a verdict on a case," he said.

To ensure government protection, PPATK also signed Tuesday an agreement with the Witness and Victim Protection Agency (LPSK) on further cooperation that would help the latter in carrying out its duty in protecting whistle blowers.