President: Indications of Money Laundering through Crypto Assets IDR 139 Trillion

Name: President: Indications of Money Laundering through Crypto Assets IDR 139 Trillion
Uploaded: 2024-04-17T21:29:31Z
Duration: 20 min 32 s
Description: Against TPPU, the President emphasized that he will continue to push for the Asset Confiscation Bill and the Currency Restriction Bill, which are finalized in the DPR.

Against TPPU, the President emphasized that he will continue to push for the Asset Confiscation Bill and the Currency Restriction Bill, which are finalized in the DPR.

This article has been translated using AI. See Original .

MAWAR KUSUMA WULAN

· 6 minutes read

JAKARTA, KOMPAS — President Joko Widodo emphasized that handling the crime of money laundering or TPPU must be comprehensive. New technology-based patterns in TPPU must continue to be watched out for, such as crypto currency, virtual assets non-fungible tokens or NFTs, market activities, electronic money, and artificial intelligence technology used for transaction automation. New patterns are needed because technological changes are taking place very quickly.

"We must be two or three steps ahead of the perpetrators in building international cooperation, strengthening regulations and transparency in enforcing indiscriminate law and utilizing technology. That's what's important," the President said when giving direction at the 22nd Anniversary of the National Anti-Money Laundering and Terrorism Financing Movement (APU PPT) on Wednesday (April 17, 2024) at the State Palace, Jakarta.

According to President Jokowi, based on crypto crime report data, it was found that there were indications of money laundering through crypto assets amounting to 8.6 billion US dollars in 2022 or the equivalent of Rp. 139 trillion. “It's not big, but it's huge. "This means that TPPU perpetrators are constantly looking for new ways," said the President.

Accompanying the President in the event were the Coordinating Minister for Political, Legal, and Security Affairs, Hadi Tjahjanto, the Head of the Financial Transaction Reports and Analysis Center (PPATK), Ivan Yustiavandana, the Attorney General, St. Burhanuddin, the Chairman of the Financial Services Authority Board of Commissioners, Mahendra Siregar, the National Police Chief, General (Pol) Listyo Sigit Prabowo, and the Deputy Minister of Finance, Suahasil Nazara.

It's not big, but it's huge. This means that TPPU perpetrators are constantly looking for new ways.

Also present were Foreign Minister Retno Marsudi, Home Affairs Minister Tito Karnavian, Cooperatives and SMEs Minister Teten Masduki, TNI Commander General Agus Subiyanto, Corruption Eradication Commission Chair Nawawi Pomolango, Business Competition Supervisory Commission Chair M Afif Hasbullah, National Counterterrorism Agency Head Komjen Mohammed Rycko Amelza Dahniel, and National Narcotics Agency Head Komjen Marthinus Hukom.

The President emphasized that the government should not be defeated by TPPU perpetrators who are constantly looking for new ways. "We can't lose, we can't be less sophisticated, we can't be old school, we can't lose our pace, we have to move quickly, we have to be ahead of them, otherwise we will continue to be left behind," said the President.

Also read: From Money Laundering to Ponzi Fraud, Crypto Exchanges Fall on the Legal Table

In addition to money laundering, the President also reminded his officials to remain vigilant against the threat of terrorism financing. According to the President, the threat of terrorism financing must be continuously monitored and prevented. The Financial Transaction Reports and Analysis Centre (PPATK) and related ministries/institutions are expected to continue to improve their synergy and innovation.

State money

The issue of air pollution is not new. The condition of communities threatened by air pollution has been present for a long time. Research evidence showing the dangers of air pollution is also abundant. However, this has yet to prompt significant efforts to control air pollution. As a result, citizens are increasingly miserable as they endure the suffocating haze of air pollution. The President has also urged officials to continue their maximum efforts in salvaging and returning state funds. The government has pushed for the Draft Law on Asset Seizure and the Draft Law on Cash Limitations. According to the President, these regulations are still under discussion in parliament.

"The ball is in our court because we must return what belongs to the state, we must return what belongs to the people's rights. Those who committed violations must be responsible for the losses incurred by the state," said the President.

The ball is in our court to return what belongs to the state, to return what is the people's right. Those who commit violations must be held responsible for the losses incurred by the state.

On that occasion, the President also expressed appreciation for the ministries and institutions that have worked hard so that Indonesia is selected as a full member of the Financial Action Task Force on Money Laundering and Terrorist Financing (FATF) since October 2023. According to the President, Indonesia is the last country from the G20 members to become a full member.

Indonesia became the 40th full member of FATF at the end of the FATF Plenary Session in Paris, France, on October 27, 2023. "Sometimes I also see it as embarrassing. Because, among the G20 membership that has not yet joined, only we were left, while others have been accepted as full members of FATF, so we should really applaud the hard work of PPATK and ministries," said the President.

Sometimes, I also find it embarrassing. Because, in the G20 membership, we are the only ones who have not yet been accepted as full members of FATF, so we should really applaud the hard work of PPATK and the ministries and agencies involved.

Full membership in the FATF also serves as international recognition of the effectiveness of regulations, coordination, and implementation in the field of anti-money laundering and terrorism financing in Indonesia. The President hopes that this full membership can become a momentum to continue improving the commitment to preventing and eradicating money laundering and terrorism financing.

Thus, the credibility of the national economy is also increasing, and perceptions of the financial system are becoming better and more positive. "This is very important and will ultimately encourage a flood of investments to enter our country, Indonesia. Reputation is important, international assessments are important," said the President.

TPPU's achievements are appreciated

In his speech, Menko Polhukam Hadi Tjahjanto appreciated all the achievements of the TPPU Committee during 2023, including the designation and compliance of reporting on the Prevention and Eradication of Money Laundering Action Plan, terrorism financing offenses (TPPT), and financing of the proliferation of weapons of mass destruction (PPSPM) in 2023, which reached 100%.

There is a need to improve the governance and effectiveness of the anti-money laundering movement and preventing the financing of terrorism on an ongoing basis.

PUSPENKUM KEJAKSAAN AGUNG
One asset, in the form of land and buildings owned by suspect Surya Darmadi, was confiscated by investigators in the alleged corruption and money laundering case of PT Duta Palma Group.

Another achievement is the establishment of the Special Task Force on Money Laundering with 300 cases from PPATK; the formation of a joint team between PPATK and the Ministry of Environment and Forestry, as well as a policy strategy for the implementation of Collaborative Analysis in the clean and integrity-filled handling of the 2024 General Election through the Action Plan of Stranas TPPU, TPPT, and PPSPM in 2023.

Hadi as Chair of the TPPU Committee also launched the National Strategy Action Plan for the Prevention and Eradication of TPPU and TPPT in 2024. This is a form of response to national deficiencies in the effectiveness of Indonesia's APU PPT movement which is an obligation to follow-up Indonesia's Report to FATF Secretariat, as well as mitigating national and sectoral TPPU and TPPT risks.

Also read: Dangers of Money Laundering from NFTs

After Indonesia became a full member of the FATF, Head of PPATK Ivan Yustiavandana emphasized the need for ongoing improvements to governance and the effectiveness of the movement against money laundering and terrorism financing prevention.

Furthermore, there is a need to strengthen internal institutional capacity within each government agency and stakeholder in order to increase Indonesia's active role in the FATF international forum, towards achieving compliance and the effective implementation of programs.

The 22nd anniversary of the APU PPT Indonesia movement is expected to further strengthen the synergy between APU PPT stakeholders, as well as a concrete manifestation of the consistency and sustainability of the Indonesian Government in combating illicit money laundering, terrorism financing and proliferation of weapons of mass destruction in Indonesia. This meeting was also attended by representatives of the complainant party as well as representatives of financial service providers, goods and service providers, and professions.

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President: Indications of Money Laundering through Crypto Assets IDR 139 Trillion

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State money

TPPU's achievements are appreciated