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Indonesia: Transaction Worth Rp 500m Subject to PPATK Scrutiny
Source: thejakartapost.com
Source Date: Friday, July 30, 2010
Focus: Institution and HR Management
Country: Indonesia
Created: Aug 01, 2010

Any transaction worth at least Rp 500 million (US$54,940) either in rupiah or foreign currency, must be reported to the Financial Transaction Reports and Analysis Center (PPATK), a draft law on anti-money laundering says.

Article 25 paragraph 1 (a) of the draft stipulates that the report must be submitted to the PPATK within 14 work days after the transaction.

House of Representatives lawmaker involved in the bill deliberation, Ahmad Yani, said Friday the article was aimed at preventing money laundering in the country.

“The substance is we will target the buyers to know where the money comes from,” Yani of the United Development Party (PPP) was quoted by Antara news agency.

But the bill does not stipulate punishments for those who fail to comply with the requirement, except for administrative sanctions.

Yani said, however, said the article marked a progress in the country’s efforts to fight money laundering. “In the past it was only financial institutions that had to go through the PPATK scrutiny. Many people can actually deposit their money in the forms of bank accounts, property, jewelries and other goods only to evade taxes,” he said.

Article 15 of the bill says that parties that are subject to PPATK scrutiny include multi-finance firms, insurance companies, share brokers, stock exchange, money changers, cooperatives, pawnshops, futures companies, car dealers, developers, art gallery owners and so forth.
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