Paramadina Economist Urges Judicial Review of Article 50A in P2SK Law
An economist from Paramadina University, Wijayanto Samirin, is urging a judicial review of Article 50A of Law Number 4 of 2026, which amends Law Number 4 of 2023 regarding the Development and Strengthening of the Financial Sector, also known as the P2SK Law.
According to him, the regulation damages Indonesia’s financial sector, legal framework, morality, the principles of Pancasila, and the 1945 Constitution. This is due to the potential for money laundering facilitated through special debt instruments, namely Patriot Bonds and Merah Putih Bonds, issued by Danantara.
“Article 50A is like providing a red carpet for ‘black’ investors, both domestic and foreign, to enter Indonesia,” said Wijayanto during a virtual discussion on Wednesday, 24 June 2026.
Article 50A, paragraph 5, states that the state guarantees and protects the purchase of these special debt instruments—Patriot Bonds and Merah Putih Bonds—from general criminal prosecution, special criminal prosecution (including tax crimes), and civil lawsuits. Furthermore, paragraph 9 mentions that these bond investors include taxpayers who have participated in tax amnesty programmes and voluntary tax disclosure programmes in accordance with statutory regulations.
The article is considered to violate global agreements regarding Anti-Money Laundering and Countering the Financing of Terrorism. Moreover, Danantara, acting as a Sovereign Wealth Fund, is said to be violating the Santiago Principles regarding transparency and good governance, as Danantara has yet to publish any annual financial reports.
Wijayanto stated that the P2SK Law serves as an umbrella for Danantara to issue unlimited debt instruments. “What does this mean? There is a continuous demand for illegal funds,” he noted.
Article 50A is also deemed problematic because, under paragraph 6, data and information from the purchase of these special bonds cannot be used as a basis for taxation or as legal evidence in court. Additionally, under paragraph 8, investors are permitted to transfer or use these special bonds as collateral.
Previously, the Chief Operating Officer of the Daya Anagata Nusantara Investment Management Agency (BPI Danantara), Dony Oskaria, stated that Patriot Bonds and Merah Putih Bonds are investment products for the public and investors interested in participating in national development financing.
“The Government and Danantara are committed to implementing all investment policies in accordance with the principles of transparency, good governance, and respecting the rights of the community in making investment decisions,” he said in a written statement on Friday, 5 June 2026.