Frequent Money Laundering Practices, KPK Encourages Openness Of Beneficial Owner Data

JAKARTA - The Corruption Eradication Commission (KPK) encourages the disclosure of data on beneficial owners or good owners from a transaction or company.

KPK chairman Setyo Budiyanto said this method could prevent the misuse of the company to accommodate the proceeds of money laundering (TPPU). Thus, the integrity of the economic system can be maintained.

This was conveyed in the National Forum for Strengthening Collaborative Governance in the Accuracy Improvement of Corporate Benefit Owner Data held at the office of the Directorate General of General Legal Administration (Ditjen AHU), Ministry of Law, Jakarta, Monday, October 6.

"The practice of corruption and money laundering is often carried out through incognito of corporate ownership," said Setyo as quoted from an official statement from the institution, Tuesday, October 7.

"So that the openness of BO data is the key to penetrating the pseudo ownership layer that criminals often use. Therefore, it is important for us to ensure that BO data is accurate, verified, and accessible for law enforcement purposes," he continued.

The disclosure of the data, continued Setyo, also has many positive impacts. In terms of preventing corruption, check on parties involved in business and government activities.

Meanwhile, in terms of prosecution, this data can facilitate the tracing of assets resulting from corruption and asset recovery processes. "The transparency of BO data is an important element in strengthening the integrity of the economic system and preventing the misuse of corporate entities for criminal acts, especially corruption," said Setyo.

Furthermore, Setyo also said that the National Strategy for Preventing Corruption (Stranas PK) had made the transparency of BO data one of the priority national actions. The focus is directed at increasing data accuracy by integrating various sources of information such as tax data, financial transactions, land and building assets ownership to population data.

So that the KPK appreciates the BO Gateway which was launched as an initiative to collaborate on the idea of the Ministry of Law. This important momentum was marked by the signing of the Beneficiary Owner Cooperation Agreement (PKS) between the KPK, the Ministry of Energy and Mineral Resources (KemenESDM), the Ministry of Home Affairs (Kemendagri), the Business Competition Supervisory Commission (KPPU), and the Chamber of Commerce and Industry (KADIN).

"This is also an important part of national efforts to strengthen corporate integrity and is expected to be able to improve Indonesia's Corruption Perception Index (CPI). BO transparency is not only a matter of data, but a foundation for building public trust and strengthening corruption prevention in all sectors," he said.

Meanwhile, Minister of Law Supratman Andi Agtas emphasized that the launch of the BO Gateway was an important step in closing gaps in the misuse of corporate data.

So far, many BOs have taken the names of other people, even high-ranking officials. So that the self-declaration system is no longer allowed. Now all reporting is mandatory through notaries to be more accurate and verifiable," he said.

Cross-ministerial and institutional collaboration will strengthen transparency as well as increase state revenue. With an integrated BO system, the tax potential can increase significantly to Rp500 billion' Rp800 billion. This is clear evidence of the benefits of transparent governance," concluded Suparman.