So Full Membership Of FATF, Head Of PPATK: Important Supplies Towards Indonesia Gold 2045

Head of the Financial Transaction Reports and Analysis Center, Ivan Yustiavandana. (Photo: Special)

JAKARTA - Indonesia's efforts to become a member of the Financial Action Task Force on Money Laundering and Terrorism Financing (FATF) have been successful with the acceptance of Indonesia as a member of FATF (full membership).

In the FATF Plenary Meeting in Paris, France led by the President of FATF, Mr. T. King Kumar on Wednesday, October 25, 2023 at 17.50, Indonesia was acclamationly accepted as the 40th member of the FATF.

This is an international recognition of the effectiveness of regulations, coordination and implementation of the anti-money laundering regime, prevention of terrorism financing, and the proliferation of weapons of mass destruction (PPSPM PPPPT) in Indonesia.

The ratification of membership in FATF is the result of a long struggle process that has been carried out over the years after Indonesia's determination as the FATF Observer since June 29, 2018.

Furthermore, the Mutual Evaluation (ME) stage is to test compliance and effectiveness of the Indonesian APUPPT regime.

At the FATF Plenary in February 2023, Indonesia was given a fast-track route in carrying out the Action Plan which focuses on the Immediate Outcome (10) 3 regarding compliance monitoring, the IO 8 regarding asset confiscation, and the IO 11 regarding the proliferation of weapons of mass destruction.

In the 2nd Update of Indonesia's Action Plan Progress Report, Indonesia has shown a significant achievement, from all 48 Action Plan items, it has been completed so that it has increased from 77 percent of the achievement in 1st Round to 100 percent in 2nd Round.

Full membership in the FATF has an important meaning, considering that FATF is an international forum aimed at setting global standards for the anti-money laundering regime and financing terrorism, as well as other things that threaten the integrity and stability of the international financial system.

As one of the world's largest economies with cases rich in variety, Indonesia will contribute importantly to the FATF.

Head of the Financial Transaction Reports and Analysis Center, Ivan Yustiavandana, expressed his highest appreciation to all parties involved in strengthening the PPSPM PPPT regime in Indonesia.

"We thank all Ministries/Agencies, reporting parties, supervisory and regulatory institutions, all stakeholders, partners, and the Indonesian people who have jointly committed to maintaining a financial system that is stable and with integrity. By becoming a full member of the FATF, there will be more opportunities for Indonesia to advance Indonesia's interests and seize golden opportunities in the international arena towards Indonesia Gold 2045", he said.

Indonesia's membership in the FATF will increase the credibility of the national economy and the positive perception of the Indonesian financial system which will then have an impact on rapid economic growth through investment both at home and abroad.

investor confidence in the government will increase because of the belief that the money they invest in in Indonesia is safe and has a low risk of money laundering and terrorism financing.

Regarding law enforcement, Indonesia can increase the effectiveness of international cooperation through the strong support of the state network of FATF members to uncover cases of TPPU and TPPT across countries/jurisdiksi including asset recovery.

In addition, with the status of a full member of FATE, Indonesia can contribute to the color of global strategic policies related to APU-PPT in accordance with Indonesia's perspectives and interests.