The Additional Reporting Parties In The Prevention and Eradication of Crimes Money Laundering

To boost the investment and ease of doing business in Indonesia within technology-based financial services, the Government of Indonesia has introduced additional reporting parties classified as Financial Service Providers pursuant to Government Regulation No. 61 of 2021 concerning the Amendments to Government Regulation No. 43 of 2015 (GR 43/2015) on Reporting Parties In The Prevention and Eradication of the Crime of Money Laundering (GR 61/2021), which came into force on 14 April 2021.

Kindly refer to the following additional reporting parties with the obligation to report to the Financial Transaction Reports and Analysis Center (PPATK) on suspicious financial transactions, among others: (i) information technology-based money lending and borrowing service provider; (ii) information technology-based equity crowdfunding service provider; and (iii) information technology-based financial transaction service provider.

Based on the provisions of Article 8 paragraph (1) of GR 61/2021, the crimes of money laundering are indicated as follows: (i) purchase and sale of property; (ii) management of money, securities, and/or other financial service products; (iii) management of current accounts (rekening giro), savings accounts, deposit accounts, and/or securities accounts; (iv) operation and management of the company; and/or (v) establishment, purchase and sale of legal entities.

With the addition to the reporting parties as regulated in GR 61/2021 will indeed strengthen the system to overcome future risks in money laundering practice.

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