According to reporting from Antara News, President Jokowi has signed Presidential Decree Number 14 of 2024 concerning Indonesia’s Membership of the Financial Action Task Force (FATF) after being accepted as the 40th member of the group.
“The decree signing strengthens Indonesia’s commitment to participate in combating the thriving global financial crimes in the global arena,” head of the Center for Financial Transaction Reporting and Analysis (PPATK), Ivan Yustiavandana, said on Monday (8/4/24) adding that FATF membership comes with several benefits, including helping to increase national economy credibility and improve global perception of Indonesia’s financial system and integrity.
He said that a positive perception of domestic financial integrity could increase foreign investor confidence in Indonesia.
According to Yustiavandana, the FATF membership could increase the effectiveness of international cooperation in detecting cases of money laundering, terrorism financing, and the proliferation of weapons of mass destruction, say Antara News.
Yustiavandana said that the three crimes are categorized as transnational crimes, so global cooperation is necessary in responding to them and that the center has succeeded in uncovering global money laundering cases, including online gambling, human trafficking, and business e-mail compromise (BEC), by collaborating with other countries.
By joining the FATF, he said, the Indonesian government can contribute to the formulation of global strategic policies on the three crimes based on national perspectives and interests, according to Antara News.
Indonesia can also share its experiences and best practices with other countries at FATF forums on anti-money laundering efforts, prevention of terror financing, and ways to tackle the proliferation of weapons of mass destruction, he added.
Yustiavandana said that with the decree, Indonesia can begin to actively participate in the strategic programs and activities implemented by the FATF.
Source: Antara News
Stock photo by Mufid Majnun on Unsplash
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