Wednesday, May 29, 2024

Bank Indonesia and other government institutions joins global anti-money laundering tasks force (FATF) to enhance financial integrity

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Journalist IBP

Journalist

Mahinda Arkyasa

Editor

Interview

Indonesia through Bank Indonesia (BI) in conjunction with other various ministries and institutions has officially become the 40th full-fledged member of the Financial Action Task Force (FATF), a global organization dedicated to combating money laundering, preventing terrorism financing, and countering the funding of mass destruction weapons. 

The decision was ratified during the FATF Plenary Session held in Paris, France from October 25 to 27, 2023, following a Mutual Evaluation process that began in 2022.

Bank Indonesia (BI) warmly welcomes Indonesia’s inclusion in FATF, recognizing it as a testament to the integrity of the country’s financial system, which is now acknowledged on the international stage. 

Erwin Haryono, Executive Director of the Communication Department, emphasized that Indonesia’s membership in FATF signifies international recognition of its vital role in the global fight against money laundering and the prevention of terrorism financing.

This significant commitment reflects the synergy within Indonesia’s National Coordination Committee for the Prevention and Eradication of Money Laundering Crimes (Komite TPPU). Bank Indonesia, in conjunction with various ministries and agencies, is an active participant in this national effort.

As a full member of FATF, Indonesia stands shoulder to shoulder with other G20 member states, affirming its financial system’s integrity and fostering a positive international perception of Indonesia’s financial ecosystem.

BI, as the authority responsible for payment systems within the regulatory scope, is fully engaged in executing various FATF assessment action plans aimed at achieving favorable assessment results. Additionally, BI supports the government’s strategies for addressing the FATF’s findings.

Furthermore, BI remains committed to the prevention of money laundering and the suppression of terrorist financing, aligning with the vision of Indonesia’s Payment System 2025, which emphasizes balancing payment system innovation with financial system integrity through the application of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) principles.

This membership in FATF symbolizes Indonesia’s dedication to maintaining the highest standards of financial integrity and security, which will have a lasting positive impact on the country’s financial sector.

Journalist IBP

Journalist

Mahinda Arkyasa

Editor

 

Interview

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