Indonesia drafting law to curb money laundering<\/p>\n
JAKARTA (JP): The government is preparing a draft law on money
\nlaundering in a bid to curb inflows of illegal money into and out
\nof the country, said a senior minister on Thursday.<\/p>\n
Minister of Justice Muladi said the introduction of the money
\nlaundering law would be in line with the government's strong
\ncommitment to eliminate all forms of corruption, collusion and
\nnepotism (locally known as KKN).<\/p>\n
He said the draft law was still being formulated and would be
\nsubmitted to the new House of Representatives, to be formed in
\nSeptember.<\/p>\n
Muladi, who is also minister\/state secretary, said the bill on
\nmoney laundering would stipulate activities relating to money
\nlaundering.<\/p>\n
A clear definition of money laundering is needed so that even
\na bank clerk will be able to detect possible involvement of their
\nclients in such illegal practices.<\/p>\n
"If a bank official discovers significant activity in a bank
\naccount, he should take the time to make a special report for
\nfurther analysis," he said.<\/p>\n
The existence of a money laundering law in Indonesia was long
\noverdue, he said, adding that cases of money laundering in the
\ncountry may have occurred, but they could not be proved or
\nprosecuted because of the absence of a law..<\/p>\n
"I suspect Singapore is a safe place for money laundering by
\nIndonesian citizens," Muladi said.<\/p>\n
He said his suspicions were based on the fact that the
\nneighboring country had never agreed to sign an extradition
\nagreement with Indonesia.<\/p>\n
Deputy governor of the central bank Subarjo Joyosumarto said
\nthe central bank was ready to support the implementation of a
\nmoney laundering law.<\/p>\n
He said that under the new law on the monitoring of foreign
\nexchange traffic, travelers were required to report any foreign
\nexchange transaction.<\/p>\n
"The report includes the type and purpose of transaction, the
\npeople involved in the transaction and the destination and origin
\nof the transaction," Subarjo said.<\/p>\n
He said the newly ratified banking law allows the central bank
\nto disclose a depositor's accounts following authorization from
\nthe minister of finance, the attorney general and the police or
\nother related government offices.<\/p>\n
The draft of the money laundering law is being prepared by a
\nteam involving the Ministry of Justice, the Attorney General's
\nOffice and the central bank.<\/p>\n
The team is led by Romli Atmasasmita, the director general of
\nlaw at the Ministry of Justice. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/indonesia-drafting-law-to-curb-money-laundering-1447893297",
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