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President Signs Decree on FATF Membership

President Signs Decree on FATF Membership
Money. (Analisadaily/Istimewa), Jakarta - President Joko Widodo (Jokowi) has signed Presidential Decree Number 14 of 2024 concerning Indonesia's Membership of the Financial Action Task Force (FATF) following the nation's acceptance 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 here on Monday (8/4).

He noted that the FATF membership comes with a number of benefits, for instance, it would help 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.

He said that the three crimes are categorized as transnational crimes, so global cooperation is necessary in responding to them.

Yustiavandana added that the center has succeeded in uncovering a number of 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.

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.


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