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Home  >>   Daily News  >>Indonesia>>Economy>>Central bank, police to crack down on illegal money changers after April 7
NEWS UPDATES Asean Affairs     March 30, 2017  







Central bank, police to crack down on illegal money changers after April 7

Bank Indonesia (BI) will start cracking down on unlicensed money changers by imposing a maximum punishment of closure or a Rp 1 billion (US$75,000) fine after Apr. 7, the deadline for them to apply for a free license.

"As stipulated in the law, BI can shut down illegal money changers or slap them with a Rp 1 billion fine," said the director for extraordinary economic crimes at the National Police's Criminal Investigation Department (Bareskrim), Brig. Gen. Agung Setya, on Wednesday.

BI legal department head Rosalia Suci added that BI would seal money changers’ shops and if the owners damaged the seals, they would be charged with committing a criminal act.

The central bank has given money changers the chance to apply for the license since Oct. 6 last year to reduce extraordinary crimes and collect more accurate data about foreign currency demand and supply in the country to come up with effective monetary policy.

Corrupt officials, money launderers, tax evaders, drug traffickers and terrorists often use money changers to transfer foreign currencies to their partners in Indonesia, said the officials.

Licensed money changers will have to report their transactions monthly to BI so that crimes can be identified faster.

The requirement to obtain a license includes business registration as a firm (PT) owned fully by Indonesian citizens with a minimal capital up to Rp 250 million (US$18,276) depending on the business location.

Members of the public who are aware of any unlicensed money changers or those without a ‘Kupva Berizin’ (licensed money changer) logo can report to the BI call center at 131.


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ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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