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Jakarta Post

Dirty money drawn to financial markets

  • The Jakarta Post

Jakarta   /   Wed, July 21 2010   /  09:13 am

The stellar performance of Indonesia’s financial market in recent years has made investments in securities and also currencies a top choice for money laundering, the Financial Transaction Reports  and Analysis Centre (PPATK) says.Financial markets are attracting money launderers, as opposed to the traditional laundering methods of investing in hard assets such as real estate, due to higher investment returns, better liquidity of assets and legal loopholes, experts say.PPATK spokesman Natsir Kongah said the banking system was the catalyst for money laundering activity in the financial markets as perpetrators created a complex web of financial transactions using proxy bank accounts. “They usually use middlemen or fictitious company names when transferring funds,” Natsir said. He added that some money launderers also transferred funds to overseas bank accounts.A PPATK report show...