Covering Anti-Money Laundering To Prevention Of Terrorism Financing, BI And Central Bank Of India Agree On New Cooperation

Illustration (Photo: Doc. Bank Indonesia)

JAKARTA - Bank Indonesia (BI) and the Reserve Bank of India (RBI) have agreed on cooperation related to the exchange of information and cooperation in the field of central banking. These include payment systems, digital finance, and the regulation and supervision of Anti-Money Laundering and Prevention of the Financing of Terrorism (APU-PPT).

BI Governor Perry Warjiyo said this Memorandum of Understanding (MoU) is an important milestone in the longstanding relationship between the two institutions and is expected to become more solid in the future.

"I am confident that this excellent relationship will result in beneficial outcomes for the two central banks and the people of both countries," he said in a written statement quoted on Monday, July 18.

According to Perry, this latest collaboration will be implemented in the form of policy dialogue, technical cooperation, information exchange and joint initiation.

"This provides a good platform to foster mutual understanding, develop efficient payment systems and expand cross-border payment connectivity," he said.

On the same occasion, RBI Governor Shaktikanta Das stated the importance of cooperation in various fields considering the common goals and challenges that the two central banks face.

"We want to further strengthen bilateral relations between the two central banks and facilitate efforts to achieve an accessible, inclusive and secure financial system," he said.

Meanwhile, the initiative includes regular interactions to discuss the latest economic and financial developments and issues, technical cooperation through joint training and seminars, cooperation to explore cross-border retail payment system connectivity.

The signing of the MoU was carried out by BI Deputy Governor Dody Budi Waluyo and RBI Deputy Governor Michael Debabrata Patra on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Bali.