Only OJK Can Educate Financial Services Crimes, Observers: Strict Legal Certainty!

Illustration. (Photo: Doc. Antara)

JAKARTA - The Law on the Development and Strengthening of the Financial Sector (UU PPSK) mandates the Financial Services Authority (OJK) as the only institution that can carry out criminal investigations in the financial services sector. This provision is contained in Article 49 of the Fourth Section of the PPSK Law.

Article 49 paragraph (5) writes that the investigation of criminal acts in the financial services sector can only be carried out by the Financial Services Authority investigators. Thus, in addition to being the regulator of supervisory san, OJK also serves as the sole agency conducting the investigation.

In this regard, the Executive Director of the Center for Budget Analysis (CBA), Uchok Sky Khadafi, views that the provisions in the PPSK Law are clear enough so that no other institution or agency has the authority to investigate financial services sector criminal acts other than the OJK.

"In Article 49 it is clear and firm that the investigation of financial services can only be carried out by the OJK. There are no other agencies, that is firm legal certainty," said Uchok, Saturday, December 31.

He added that the substance contained in Article 49 of the Fourth Section of the PPSK Law was a big breakthrough drawn up by the government and the House of Representatives (DPR) in providing guarantees of legal certainty for consumers in the financial services sector.

Uchok added that making OJK the only state institution that has the right to conduct investigations in cases in the financial services sector will prevent bias in handling a case.

This condition is different if the investigation is carried out by more than one institution or agency.

"Indeed, for legal certainty, ideally law enforcement in the financial services sector is carried out by one institution, namely the OJK," he said.

According to him, the role of the OJK should indeed be strengthened in order to provide legal certainty and consumer protection. Moreover, in recent years there have been many criminal cases involving corporations in the financial services sector.

Meanwhile, Chairman of the OJK Board of Commissioners Mahendra Siregar at the World Anti-Corruption Day Peak Event, some time ago said, the authority to carry out the investigation would further strengthen the position and function of the OJK as supervisors and regulators of the national financial services industry.

"Strengthening the investigation function to OJK, which is one of the results of the PPSK Law, will further empower OJK, and increase the integrity of the financial services sector," he said.

Mahendra added, in carrying out this function, OJK is ready to increase coordination with all agencies and institutions under the coordination of the Coordinating Ministry for Political, Legal and Security Affairs.

Referring to the PPSK Law, in carrying out the investigation function, OJK does not work alone. OJK investigators consist of investigators from the Indonesian National Police, certain civil servant (PNS) officials, and certain employees.

Thus, the composition of the OJK investigating team is ensured to have special competence and expertise in the field of financial services industry.