Sri Mulyani Lobi Raja Kumar, Asks For Full Membership Of FATF Next June

Finance Minister Sri Mulyani (right) when meeting FATF President Raja Kumar in Washington DC, United States (Photo: Instagram @smindrawati)

JAKARTA - The Indonesian government through the Minister of Finance (Menkeu) Sri Mulyani was recorded to be present on the IMF-World Bank Spring Meetings 2023 agenda which was held in Washington DC, United States this week.

It was stated that the Minister of Finance started the agenda by meeting with the President of the Financial Action Task Force (FATF) Raja Kumar. In his statement, the state treasurer revealed that he brought an important mission to be able to get a full membership of Indonesia in the FATF.

"Indonesia itself will take a Mutual Evaluation Review (MER) by FATF in the context of its full membership. This membership proposal was submitted by the Ministry of Finance since 2017," he said in a written message on Thursday, April 13.

The Minister of Finance explained that joining Indonesia into the FATF will have a good impact, especially regarding the positive perception of the Indonesian financial system. Meanwhile, one of the things that can be obtained is improving the quality of the investment climate in the country.

"I really appreciate the support from the FATF Secretariat for Indonesia's membership in June 2023. Moreover, there are many strategic FATF priorities that are in line with Indonesia's development priorities! From Bilateral Meeting with the President of the Financial Action Task Force Raja Kumar," said Minister of Finance Sri Mulyani.

To note, FATF was intergovernmental formed at a G7 meeting in Paris, France in 1989.

The purpose of the FATF is to set standards and promote effective implementation of legal, regulatory and operational measures to eradicate money laundering, terrorist financing and other related threats to the integrity of the international financial system.

At the beginning of its formation, FATF only had 16 members and continued to grow until March 2019 it had joined 38 members.

Currently, Indonesia has just become a member of the Asia/Pacific Group on Money Laundering (APG), namely one of the FATF-Style Regional Bodies (FSRBs). As for the FATF, Indonesia is still an observer and is pursuing a full membership of Indonesia in the FATF.