Space For Terrorism Funding Is Getting Narrower, BI-Singapore Central Bank Agree To Build Special Cooperation

Illustration (Photo: Doc. Antara)

JAKARTA – Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) have reportedly reached an agreement regarding Payment System innovations including Anti-Money Laundering and Prevention of the Financing of Terrorism (APU-PPT).

Bank Indonesia Governor, Perry Warjiyo, said this synergy was a real action in responding to increasingly complex challenges in the area of central banking.

"This is a collaborative effort between the two central banks in advancing the digital economy and finance, as well as fighting money laundering and terrorism financing", he said in a press statement quoted on Sunday, January 23.

According to Perry, the agreements made include monetary policy, macroprudential policy, financial stability, supervision of payment and settlement systems, and regulatory and supervisory frameworks.

"The MoU (Memorandum of Understanding) reflects the common interest between Indonesia and Singapore to collaborate on various projects", he stressed.

On the same occasion, the Managing Director of the Monetary Authority of Singapore said that this agreement complements the cooperation that has been built previously.

"This Memorandum of Understanding demonstrates MAS's commitment to strengthening partnerships and enhancing collaboration between the two central banks in areas of mutual interest, such as financial innovation and payment connectivity", he said.

For information, this Memorandum of Understanding will form the foundation for future BI-MAS cooperation which will be implemented in various forms of activities such as policy dialogue, exchange of information, technical cooperation, innovation collaboration, and the formation of technical working groups.