Airlangga Guarantees PFII Free from 'Illicit Funds'

Coordinating Minister for Economic Affairs Airlangga Hartarto has assured that the Indonesian International Financial Centre (PFII) will not be used to harbour ‘illicit funds’ from abroad. He emphasised that the government will implement strict supervision to prevent dirty money from being stored in the PFII. He stated that the Know Your Customer (KYC) system will be the primary guide for the PFII in accepting investors, adhering to international anti-money laundering conventions. “In global finance, KYC, Know Your Customer, is crucial. So, various countries, including Indonesia, have conventions regarding anti-money laundering. That will certainly be protected against. So, this is not for illicit funds,” Airlangga said at the Presidential Palace Complex in Jakarta.

In a separate statement, Finance Minister Purbaya expressed confidence that the PFII could attract substantial funds from overseas, including the repatriation of assets held by Indonesian citizens abroad. However, he admitted that he did not have precise data on the potential scale of such repatriation. “If I knew how much, that means it’s not dark money. So, it cannot be calculated,” Purbaya explained at the Ministry of Finance office in Jakarta. Despite this, he believes the potential is significant. Purbaya tempered expectations by stating that the primary goal is not necessarily the immediate return of these assets, but rather to attract foreign capital inflows, especially from Middle Eastern countries. “Like from the Middle East region or other countries that want to enter here, they come in. Because this place is attractive. So, my expectation should be zero to positive,” he added.