Indonesia Expands Money Laundering Co-op
JAKARTA ~ Indonesia’s anti-money laundering watchdog signed agreements this week with the Cayman Islands and South Africa to exchange financial intelligence and help combat the financing of terrorism.
“This cooperation is quite strategic considering that the Cayman Islands is one of the world’s major financial centers.
“South Africa is also a key financial center in the African region,” Yunus Husein, head of the Center for Financial Transaction Reporting and Analysis (PPATK), said in a press release.
The agreements with the Financial Reporting Authority of the Cayman Islands and the Financial Intelligence Center of South Africa include the exchange of financial intelligence linked to money laundering and terrorist financing.
Indonesia launched PPATK in October 2003 to help combat money laundering.
The center has already entered similar cooperation agreements with 17 other financial intelligence agencies.
After one year of being closely monitored, Indonesia was removed from the list of non-cooperative countries of the inter-governmental Financial Action Task Force in February this year.
The task force believed Indonesia was making “sustainable efforts” in fighting money laundering and financing of terrorism.Filed under: