Govt upbeat RI to be dropped from money laundering list<\/p>\n
Rendi A. Witular, The Jakarta Post, Jakarta<\/p>\n
After lobbying members of the Financial Action Task Force
\n(FATF), a global anti-money laundering group, the government is
\noptimistic Indonesia will be removed from the FATF's blacklist.<\/p>\n
Minister of Trade Mari Elka Pangestu was upbeat on Monday over
\nthe prospect of the country being removed from the list of
\nnoncooperative countries and territories (NCCT) set out by the
\npowerful Paris-based FATF.<\/p>\n
\"The FATF countries that we have talked to have responded
\npositively to our attempts to combat money laundering. There are
\nsigns that they will drop us from the NCCT list since we have
\ndone a lot in that direction,\" Mari said at the State Palace.<\/p>\n
Mari is among the ministers deployed by President Susilo
\nBambang Yudhoyono to lobby member countries of the FATF. Mari
\nrecently visited France and Britain to that purpose. France is
\nthe current head of the FATF.<\/p>\n
Coordinating Minister for the Economy Aburizal Bakrie, who has
\nbeen in discussions with the United States and Canada, also
\nexpressed confidence Indonesia would be removed from the list.<\/p>\n
\"We are confident we will be off of the blacklist during the
\nupcoming session of the FATF. My meetings in the United States
\nand Canada were very promising,\" said Aburizal.<\/p>\n
The FATF will convene in Paris on Wednesday to review the NCCT
\nlist and at the same time decide the fate of Indonesia.<\/p>\n
FATF is a global anti-money laundering watchdog set up by the
\ndeveloped nations of the Organization for Economic Cooperation
\nand Development.<\/p>\n
Indonesia has been on the noncooperative list along with
\nNauru, Nigeria, the Philippines, Myanmar and the Cook Islands
\nsince 2001.<\/p>\n
By being on the list, Indonesia risks several sanctions, which
\ninclude higher risk premiums imposed on local firms when making
\ntransactions with international firms; termination of
\ncorrespondence alliances between local banks and banks in member
\ncountries of FATF; and the rejection of letters of credit (L\/Cs)
\nissued by local banks.<\/p>\n
Mari said the government had taken several important steps to
\nget off the noncooperative list, including passing an anti-money
\nlaundering law and establishing the Financial Transaction and
\nReport Analysis Center (PPATK). She also said the PPATK had
\naudited the country's financial institutions to uncover any money
\nlaundering activities.<\/p>\n
\"I have told the FATF member countries that with all of our
\nefforts, we deserve to be removed from the list,\" she said.<\/p>\n
However, there is no guarantee the FATF will see the efforts
\nas sufficient, particularly since they have produced few concrete
\nresults.<\/p>\n
One of the concerns of the FATF is that Indonesia has not yet
\nbeen able to bring a money launderer to court, despite the legal
\nframework for the prosecution of the crime.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/govt-upbeat-ri-to-be-dropped-from-money-laundering-list-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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