Sign up | Log in



Home  >>   Daily News  >>   Indonesia News  >>   Security  >>   Indo transactions subject to scrutiny
NEWS UPDATES 30 July 2010

Indo transactions subject to scrutiny

Related Stories

July 29, 2010
Indo government translates Koran

July 6, 2010
Police corruption probe in Indonesia

June 24, 2010
Indonesia's top terror suspect arrested

June 16, 2010
Philippines remains on US human-trafficking list

Any transaction worth at least Rp 500 million (US$54,940) either in rupiah or foreign currency, must be reported to the Financial Transaction Reports and Analysis Center (PPATK), a draft law on anti-money laundering says.

Article 25 paragraph 1 (a) of the draft stipulates that the report must be submitted to the PPATK within 14 work days after the transaction, according to the Jakarta Post.

House of Representatives lawmaker involved in the bill deliberation, Ahmad Yani, said Friday the article was aimed at preventing money laundering in the country.

“The substance is we will target the buyers to know where the money comes from,” Yani of the United Development Party (PPP) was quoted by Antara news agency.

But the bill does not stipulate punishments for those who fail to comply with the requirement, except for administrative sanctions.

Yani said, however, said the article marked a progress in the country’s efforts to fight money laundering. “In the past it was only financial institutions that had to go through the PPATK scrutiny. Many people can actually deposit their money in the forms of bank accounts, property, jewelries and other goods only to evade taxes,” he said.

Article 15 of the bill says that parties that are subject to PPATK scrutiny include multi-finance firms, insurance companies, share brokers, stock exchange, money changers, cooperatives, pawnshops, futures companies, car dealers, developers, art gallery owners and so forth.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
  Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below




1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2020 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand