KPPU Coordinates With PPATK To Prevent Money Laundering For Merger-Acuisisi Transactions

KPPU Chairman M Fanshurullah Asa (left), Head of Financial Transaction Reports and Analysis (PPATK) Ivan Yustiavandana/ANTARA/HO-Humas KPPU

JAKARTA - The Business Competition Supervisory Commission (KPPU) coordinates with Financial Transaction Reports and Analysis (PPATK), in particular to deal with violations of business competition and prevent money laundering in merger and acquisition transactions.

"KPPU intends to improve coordination with PPATK in particular to handle and prevent money laundering in merger and acquisition transactions," said KPPU Chairman MFanshurullah Asa in a statement reported by ANTARA, Wednesday, March 13.

Fanshurullah together with several KPPU members, namely Gopprera Panggabean, Mohammad Reza, and Budi Joyo Santoso visited the PPATK Office as a form of coordinating in handling violations of business competition related to not money laundering.

Fanshurullah said that his party's coordination with PPATK is to increase law enforcement efforts for business competition and supervision of micro, small and medium enterprise partnerships (MSMEs).

He said that formal cooperation between KPPU and PPATK had been established since 2010. Since now, the two institutions have carried out various information exchange activities, especially in the process of proving and executing the KPPU decision.

According to Fanshurullah, KPPU cannot walk alone in carrying out its duties and needs assistance from all lines including PPATK in terms of financial transaction analysis and financial transaction reports according to PPATK's authority.

"The KPPU's duties are closely related to PPATK, especially in terms of proof of cartels or conspiracy through the flow of company funds, mergers and market acquisitions and control that lead to money laundering, determination of the amount of fines, to violations of MSME partnerships," said Franshurullah.

He said his party would strengthen cooperation in law enforcement, discussions or research related to money laundering and business competition, partnership supervision, sharing knowledge, and joint training, especially in supporting KPPU priorities.

"We hope that PPATK can help KPPU to carry out a deeper law enforcement process, especially in sectors such as tender, digital, energy, food, dane-Commerce. Where this is included in the new 100-day program of KPPU members," said Fanshurullah.

PPATK Head Ivan Yustiavandana said discussions or joint studies with KPPU were needed to detect potential money laundering crimes in influencing business competition in the market, particularly related to merger and acquisition transactions.

The acquisition transaction by the company can be used as a means for money laundering. So, it is important for KPPU to know the beneficiaries of a transaction," said Ivan.